The Industrial Revolution was a period of time, in the 18th and 19th centuries, when rural societies in Europe and America became industrial and urban. Transportation, communication, and banking were improved during this period. This led to massive production of war machines such as cars, tanks & panes that were greatly used during the world war1.  Mass production in factories churned out not only large numbers of standardized guns and bullets but also boots, uniforms, and tents. The guns were more reliable and hence more accurate. A bullet was 30 times more likely to strike its target.  Advances in chemistry led to new high explosives.

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INDUSTRIAL REVOLUTION EFFECT AND DEPRESSION IN AMERICA AFTER WORLD WAR 1

A sharp deflationary recession in the United States lasted from January 1920 to July 1921. The extent of this deflation was not only large but large relative to the accompanying decline in the real product. The great depression in America came as a result of a decade of high unemployment, low profit, poverty and lost opportunities for economic growth as well as personal advancement. This was caused by a stock market crash that triggered “a panic sell-off” of assets. Holding money, therefore, became profitable as prices dropped lower and a given amount of money bought ever more goods, exacerbating the drop in demand.

DEPRESSION IN AMERICA AND ITS SOLUTIONS

World war2 marked the end of the great depression in America. During the war, more than 12million Americans were sent to the military, and a similar number toiled in defense-related jobs. Those jobs seemingly took care of 17 million unemployed in 1939. This has, therefore, been cited as the massive spending during wartime as the event that ended the Great Depression. The high level of demand during that war reduced the unemployment rate to minuscule levels.

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