The decade of the 1920s is colloquially known as the Roaring
Twenties, when modernity came to the U.S. and the World, ushering
in a decade of unbounded growth and new-found optimism. GDP growth
was particularly strong, as was employment and investment. However,
as counterintuitive as it may sound or appear, the 1920s were also
years of stagnation, stagnation that owed to the fact that the new,
greater potential was not being fully exploited. In other words,
while things were great, they still fell short of the potential
that had been created, resulting in a form of "growth stagnation."
That is, stagnation in the midst of what was exceptional growth.
Bernard C. Beaudreau is Professor of Economics at Universite Laval
in Quebec, Canada.
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