Business+and+Economy-7

-Traditionally viewed as an era of great economic prosperity driven by the introduction of a wide array of new Consumer goods. -North American Economy, particularly the economy of the US, transitioned from a wartime economy to a peacetime economy; the economy subsequently boomed. -The United States augmented its standing as the richest country in the world, its industry aligned to mass production and its society acculturated into consumerism. -In Europe, the economy did not start to flourish until 1924. -In spite of the social, economic and technological advances, African Americans, recent immigrants and farmers—along with a large part of the working class population—were not much affected by this period. In fact, millions of people lived below the poverty line of US $2,000 per year per family.