What technological change led to more business for Washington-based Boeing during World War II?
The technological change that led to more business for Boeing during World War II was the increased demand for military aircraft, particularly bombers. Boeing's advanced manufacturing techniques and designs for bombers such as the B-17 Flying Fortress and the B-29 Superfortress made them a crucial contributor to the American war effort.
How did the Roaring Twenties set the stage for the Great Depression?
The Roaring Twenties set the stage for the Great Depression in several ways:
1. Overproduction and Underconsumption: During the 1920s, there was a boom in industrial production, which led to an increase in supply. However, the wages of workers did not keep pace with the production boom, meaning that there was not enough demand to buy all the goods that were produced. This overproduction and underconsumption led to a build-up of excess inventory, which ultimately could not be sold, leading to economic stagnation.
2. Unequal Distribution of Wealth: The economic growth of the 1920s was not evenly distributed; there was a concentration of wealth among the wealthy, which reduced the purchasing power of the average worker. This led to a decrease in the demand for goods and services and fueled overproduction and underconsumption.
3. Stock Market Crash: In October 1929, the stock market crashed, wiping out billions of dollars in wealth and causing widespread panic. This led to a contraction in the credit market and a decrease in investment, further reducing demand for goods and services.
4. Banking Crisis: The collapse of the stock market caused a wave of bank failures. Many banks had invested heavily in the stock market and were left with large losses. Widespread bank failures led to a contraction of credit, making it difficult for businesses and individuals to obtain loans needed to finance investment and day-to-day activities.
Overall, the Roaring Twenties led to unsustainable economic growth and income inequality that eventually resulted in the Great Depression.