Compare & Contrass - the 1930 to the 1920 - Essay Example

Compare and Contrast the 1920s to the 1930s. The 1920s, popularly known as ‘The Roaring Twenties’, was an era of unprecedented economic prosperity and industrial advancement. Various industries - such as the automobile industry, the telecommunications industry and the industries dealing with consumer appliances (vacuum cleaners, electrical heaters etc.) - greatly prospered in this era. In effect, for the urban American, the 1920s was a manifestation of financial security and innumerable opportunities- the two essential requisites for realizing The American Dream.

However, The American Dream that was realized in its entirety in the 1920s underwent a drastic reversal in the 1930s. The beginning of this era was marked with the onset of the Great Depression that had initiated in 1929 and ended with the emergence of the Second World War. As signified by the term Great Depression, this era resulted in economical and industrial losses of unimaginable magnitude. Thus, the era of 1930s can be regarded as being diametrically opposed to the 1920s, in terms of: economic prosperity, industrial advancement, the standard of living and the well-being of the individual.

The following discussion will suffice to substantiate this premise. It is note-worthy that the 1920s was an era of economic boom. With the introduction of the various new industries into the market- the ever-expanding automobile industry and the commercialized radio networks- the masses were able to reap the manifold benefits of the free market economy. As opposed to this industrial boom of the 1920s, various renowned industries- such as those dealing with automobiles and electrical appliances- experienced tremendous setbacks in the 1930s.

Thus, in contrast to the massive employment opportunities in the 1920s, the recession of the 1930s resulted in a harrowing increase in unemployment. Moreover, United States in the 1920s was regarded as an investor’s paradise, due to the highly stable banking structure and the flourishing corporates. Conversely, the financial panic that set in the 1930s, led to the closure of many banks and financial corporations, thus, transforming the investor’s paradise into an investor’s potential grave yard.

It needs to be stressed that the second half of the 1920s, came to be widely regarded as the ‘Golden Twenties’- thus, reiterating the profuse affluence of the era. In this golden era, the life-style of the average American was undoubtedly enviable. The availability of favourably sufficient incomes, afforded people the opportunity to purchase: labour-free appliances, automobiles and to frequently indulge in recreational activities, such as going to the movies and theatres. Moreover, an average American family living in the city could easily: procure loans from the bank, pay the mortgage without seeking an extension and still manage to make huge savings.

In contrast to this, the life-style of the people living in the 1930s, varied dramatically. It is note-worthy that in 1930s, ‘one fourth of the labour force was out of work and hourly wages had dropped by about fifty precent’ (“Great Depression” 242). Consequently, the life-style of the 1930s, no longer reflected the extremely comfortable and idyllic life-style enjoyed by the average American in the 1920s. Most people lost all of their life-savings. The decline in economic prospects in the 1930s, prevented the people from paying their mortgages, and thus, many people were forced to experience the trauma of eviction and the subsequent displacement that resulted thereof.

Furthermore, as opposed to the comfortably warmed and well-furnished houses of the 1920s, many people living through the Great Depression had no choice but to take refuge ‘in the poorly constructed ‘Hoovervilles’ –named after the former U.S. President Herbert Hoover (“Great Depression” 243). These ‘Hoovervilles’ were small towns comprised of roughly constructed ‘Hoover houses’ or shacks that were meant to offer lodging for those who were left homeless as a result of the economic repercussions of the Great Depression.

It is a commonly observed fact that within any capitalistic society, economic well-being results in personal well-being and vice versa. Thus, the unanticipated economic disaster of the 1930s resulted in the suicides of thousands of individuals- a national tragedy unheard of in the 1920s. It needs to be stressed that no substantial steps were taken during the Hoover Administration to curtail this economic calamity. The welfare institutions were non-existent and there were no social security benefits for the unemployed.

On the contrary, in the early 1930s, with the appointment of Franklin.D.Roosevelt in the office, several recovery plans were initiated to speed up the economic recovery process. Roosevelt emphasized that; ‘the forgotten man at the bottom of the economic pyramid’ must be the central focus of the government’s assistance (“Franklin.D.Roosevelt” 299). Social Security Board (SSB), National Youth Administration (NYA) and Home Owner’s Loan Corporation (HOLC), are some of the federally financed programs that were initiated by him.

As the names imply, these assistance agencies aimed at: ‘administering retirement funds, furnishing part-time employment for needy high school and college students and granting long-term mortgage loans on homes’ respectively (“Franklin.D.Roosevelt” 302). Thus, even though in terms of material prosperity, the 1930s was a failure, yet paradoxically the Great Depression resulted in the development of several welfare programs that provided economic assistance to the unemployed and continue to do so, to this day.

In the final analysis, the increased economic depravity of the 1930s made the American public resentful towards the banking structures and they began to abhor the large successive corporations that tenaciously adhered to monopolistic principles in the inter-war era. Ironically, these were the same ideologies of fierce competitiveness that had paved their way for unsurpassable success, a decade earlier. In comparison with the short-lived economic utopia of the 1920s, mere survival on a day-to-day basis became a much cherished dream in the 1930s.

Thus, tragically, the same people who had witnessed the roaring twenties had to live through its exact antithesis- the economic dystopia of the Great Depression. BIBLIOGRAPHY: 1. “Great Depression”. Compton’s Encyclopedia. 74th ed. 26 vols. Chicago: Compton’s Learning Company, 1996. Print. 2. “Franklin Delano Roosevelt”. Compton’s Encyclopedia. 74th ed. 26 vols. Chicago: Compton’s Learning Company, 1996. Print.