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I'm just explaining the major contributions:
The impact of WW1 - America prospered due to little competition from Europe in production and loans made Britain
Raw materials - America was rich in materials and had no need to import from elsewhere, a money saver
Hire Purchase - In essence the creation public loans from banks
New technology - radio, electricity supplies, electrical appliances, materials from the chemical industry, talking film ...etc. These new things were in high demand and a circulation of profit went through the industries
Weak unions - a form of laissez-faire meant the government did not interfere with business' There were long hours of work and low wages meaning a large profit for industrialists.
Advertising - became a form of circulating demand
Mass production - thought up by Herney Ford, the assembly line meant it was cheaper, easier and quicker to manufacture so much more.
Shares - Everyone, from industrialists to waiters, were share owners. Share prices rose dramatically, investment became major and prosperity circulated.
The motor industry - Mass production of 'Ford' cars meant more of the public owned cars. Demand increased. This industry created jobs for many and even boosted the oil industry.
Wage rises and stable prices - After a while, the average workers wages had doubled. Due to the prosperity of industry at the moment, prices remained the same and even fell sometimes, meaning everyone increased in general wealth.
This can all be summarised by this:
The Cycle of Prosperity - increased production of consumer goods -> increased employment -> more wealth to spend on goods -> prices fell ->increased demand of goods -> further production
Starting from increased production, it is a chain reaction that leads finally to further production and starts from there again. This is how wealth generally rose throughout the economy and businesses
Hope this helped :)
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