The decade of the 1920's was a time of tremendous economic change.The end of the First World War signaled and the beginning of a new era, and a decade that came to be known as "roaring".The retreat from progressivism during this time was evident in how the business world gained top priority over social issues.
Government policy was intended encourage growth in business and promote the American economy.New methods, procedures, and technology improved efficiency and output in industry.Paramount in the progress of industry and the economy, as well as society and culture, was the automobile.On the opposite end of the spectrum however, not all groups shared in the prosperity of the twenties.Laborers, and unions, did not share the same amount of success proportionally that corporations did.
Farmers also did not succeed the same way that businesses did.During this time, business boomed, real wages rose, and unemployment declined.The sum of all of these factors is that for some the twenties were an economic dirge, but more than anything else were a business person's paradise. One of the most important factors in the success of industry was government policy.
Warren G. Harding's presidential inaugural address and Calvin Coolidge's statement that "the business of America is business" were indicative of the type of government policy during the twenties.The retreat from progressivism allowed business interests to come to the forefront in public concern.The hands off, laissez-faire attitude of the government was a stark contrast to the previous decades where business became hampered by regulations and standards.
The Federal Reserve Board kept interest rates low during this decade, which is an overall economic stimulus.The protection of American commerce was also promoted by a series of raises in tariffs rates.First by the Forney-McCumber tariff, which also gave the president to r…