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How might the economy of the 1920s have been different without the advertising industry

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It may not have gotten as much business, because advertising does a lot to bring in the customers.
User Asish
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The advertising industry was key to the success of the booming American economy in the 1920s, as it consisted of presenting the products at sale in a way that everyone would want to own them, inciting consumerism in American population and, therefore, helping the advance of Capitalism in the country. Without the advertising industry, America wouldn't have done so well in the selling of their produced goods.

User Sunhwa
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