Final answer:
The 'Roaring Twenties' are dubbed an age of prosperity due to rapid economic growth, particularly through advancements in the automobile industry. Modernism emerged as a cultural trend emphasizing individuality and personal freedom. The widespread use of consumer credit, a focus on business by successive administrations, and speculative stock purchases on credit contributed to both cultural shifts and economic troubles by decade's end.
Step-by-step explanation:
The 1920s are often called an "age of prosperity" because there was a significant economic expansion. The United States saw an average Gross National Product (GNP) growth of 4.2% each year of the decade. This growth was in part due to the rise of new technologies and mass production, especially in the automobile industry, which made products such as cars more accessible to the middle class and transformed the nation from a debtor to a creditor nation.
The automobile had a major impact in the United States during the twenties because it became much more affordable, with many urban families owning one by the end of the decade. This ownership increased due to Henry Ford's advances in assembly-line efficiency and the rise of consumer credit. The increased mobility changed the landscape of American culture, commerce, and daily life by connecting rural and urban areas, leading to the growth of suburbs and consumerism.
The 1920s trend that favored individual experiences, emotions, and the expression of personal freedom over collective consensus and reason is known as Modernism. This cultural shift reflected in arts and society was a move away from traditional norms and toward a celebration of modernity and personal expression.
The 18th Amendment brought about a ban on the sale of alcohol which inadvertently led to an increase in organized crime as illegal operations sprang up to meet the demand for alcohol during Prohibition.
The administrations of Harding, Coolidge, and Hoover regarded big business as America's most important strength, with policies that often favored corporate interests and economic growth over regulation.
The Harding, Coolidge, and Hoover presidencies differed from the Wilson presidency in terms of their emphasis. While Wilson focused on peace and global responsibilities, his successors shifted focus to business and economic prosperity.
In 1929, investors contributed to the stock market crash by buying stock on credit with the optimistic belief that stock prices would continue to rise indefinitely, a practice which later proved unsustainable.