4.Era of Prosperity and the Coming of Great Depression

During and immediately after the First World War，America enjoyed a period of prosperity and fast development in economy.The ten years between 1919and 1929，usually called the“Roaring Twenties”or the“Jazz Age”，were a time of carefree prosperity，isolation from the world’s problems，bewildering social change and a feverish pursuit of pleasure.The Nineteenth Amendment to the Constitution in 1920gave women the right to vote.And more and more women started to earn their own money，although they got low pay for the same work with men.By 1930seventy-five percent of the US population lived in cities and suburbs.Rapid urbanization had a strong impact on the way of life of American people，especially the youth.Many of the young began casting off the personal and social restraints of the past for freedom of thought，religion，and sexual relation.The cities not only produced most of the nation’s new ways of thinking，but also set its styles in clothing，music，literature and entertainment and set the tone of the materialism of the era.

At such a prosperous time with a fast social change Herbert Hoover was elected President in 1928.In his Inaugural Address，Hoover declared“in no nation are the fruits of accomplishment more secure”.His statement reflected the mood of optimism in the nation.However，warning signals were beginning to appear to some observant people.Agrarian depression，unstable trading conditions in Europe，and vast overextension of credit in the country were soon to have a devastating impact on American life.The collapse of the Stock Market in New York on Oct.24（Black Thursday），1929brought a sudden end to the prosperity.Farm prices and industrial production fell.Unemployment rose precipitously.Thousands of banks and small businesses failed.President Hoover sought to attack the depression with programs calling for voluntary co-operation.He opposed federal relief for individuals in distress.He thought“the sole function of Government is to bring about a condition of affairs favorable to the beneficial development of private enterprise.”His policy did not prove to be adequate.From 1929to 1932there was a steady decline in all major areas of the American economy.No wonder that the American nation repudiated him at the presidential election of 1932.His opponent，Franklin Roosevelt，was easily elected President.