The Nation's Economy
Inventions fueled the economy, creating jobs in railroads, oil, steel, communications, factories, and retailing. The automobile industry remained in its infancy during World War I but quickly grew after 1918, leading to America's first real consumer buying spree.
At stores such as Wanamaker's in Philadelphia, Macy's in New York City, and Marshall Field's in Chicago, Americans enjoyed boosting the economy. These large stores and catalog companies provided the goods consumers desired, and advertising entered the scene to create whatever desire didn't already exist. As prosperity spread in the Roaring Twenties, average Americans bought into the stock market, furthering the growth of newly merged companies and corporate giants.
The National Association for the Advancement of Colored People (NAACP) was founded in 1909 to champion the rights of African-Americans, becoming the most influential black organization in America. Among early members were noteworthy Progressive Era individuals including Jane Addams, Florence Kelley, William Du Bois (W.E.B. Du Bois), John Dewey, Charles Darrow, Lincoln Steffens, Ray Stannard Baker, and Ida Bell Wells-Barnett.
But overconfidence was risky, especially when commercial banks cast prudent business practices aside, financing the stock market and dabbling in real estate speculation. When farm prices collapsed, smaller banks fell into insolvency. Increasing numbers of consumers racked up debt each year to obtain the goods they wanted or thought they needed.
