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Unit 1 Ch 3 : The Making of a Global World — Social Studies STD 10 — Question

CBSE BoardEnglish MediumSTD 10Social StudiesUnit 1 Ch 3 : The Making of a Global World5 Marks
Question
"The First World War helped boost the US economy." Explain how.
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Answer

  1. The First World War boosted the US economy. The US became an international creditor. After a short period of economic trouble in the years after the war, the US economy resumed its strong growth in the early 1920s.
  2. One important feature of the US economy of the 1920s was mass production. The move towards mass production had begun in the late 19th century, but in the 1920s it became a characteristic feature of industrial production in the US.
  3. A well-known pioneer of mass production was the car manufacturer Henry Ford. He adopted the 'assembly line' method of production which would allow a faster and cheaper way of producing vehicles.
  4. Mass production lowered costs and prices of engineered goods. As wages of workers increased, they could now afford to purchase durable consumer goods such as cars. There was also a spurt in the purchase of the refrigerators, washing machines, radios, etc. all through a system of 'hire purchase? There was also a boom in house construction and home ownership, financed by loans.
  5. The housing and consumer boom of the 1920s created the bases of prosperity in the US. Large investments in housing and household goods seemed to create a cycle of higher employments and incomes, rising consumption demand, more investment and yet more employment and incomes.

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