The 1920's is sometimes referred to as the "Jazz Age" or the "Roaring
Twenties," usually applied to America. In Europe the decade is sometimes
referred to as the Golden Twenties.
Since the closing of the 20th Century, the 1920s has drawn close
associations with the 1950s and 1990s, especially in the United States.
The three decades are regarded as periods of economic prosperity, which
lasted throughout almost the entire decade following a tremendous event
that occurred in the previous decade (World War I and Spanish flu in the
1910s, World War II in the 1940s, and the end of the Cold War in the
late 1980s).
Despite the comparisons, however, there were a number of differences. In
contrast to the liberalism of the 1920s and 1990s, the 1950s was very
conservative. Secondly, Weimar Republic Germany, like many other
European countries, had to face a severe economic downturn in the
opening years of the decade, because of the enormous debt caused by the
war as well as the one-sided Treaty of Versailles. Such a crisis would
culminate with a devaluation of the Mark in 1923, eventually leading to
severe economic problems and the rise of the Nazis.
Additionally, the decade was characterized by the rise of radical
political movements, especially in regions that were once part of
empires. Communism began attracting large numbers of followers following
the success of the October Revolution and the Bolsheviks' determination
to win the subsequent Russian Civil War. The Bolsheviks would eventually
adopt semi-capitalist policies--New Economic Policy--from 1921 to 1928.
The 1920s also experienced the rise of the far-right in Europe and
elsewhere, starting with Fascism in the world as an antidote to
Communism.
The Stock Market collapsed during October 1929 (see Black Tuesday) and
drew a line under the prosperous 1920s.