Both Your Houses | Historical Context

Both Your Houses Historical Context

The Great Depression

America experienced a time of great economic prosperity in the 1920s; World War I, from 1914 to 1918, decimated European manufacturing facilities and reorganized much of the Western world in such a way that America was in a position of unusual stability when it was over. Throughout the twenties, unemployment and inflation were both low, which meant that people had money, lived comfortably, and were able to invest. Many invested in speculative ventures, which continued to raise profits through sales to other investors even when they were not connected to any actual products. The phrase "Roaring Twenties" was coined to capture the sense of excitement and fun that characterized the decade. The fun stopped on October 29, 1929, one of the most significant dates in American history. This was the date of the stock market crash. In that one day, the Dow Jones Industrial Average, which had been...
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