Answer:
(i) Fordist industrial
practices soon spread in the US. They were also widely copied in Europe in the
1920s.
(ii) Mass production
lowered costs and prices of engineered goods. Due to higher wages, more workers
could now afford to purchase durable consumer goods such as cars.
(iii) Car production in the US rose. Similarly, there was
a spurt in the purchase of refrigerators, washing machines, radios, gramophone players,
all through a system of 'hire purchase' or credit re-paid in weekly or monthly
installments.
(iv) These purchases
also fuelled a boom in house construction and home ownership, financed once
again by loans; so it created a cycle of higher employment and incomes, rising
consumption demand, more investment and yet more employment and incomes.
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