Prohibition was intended to be a "Noble Experiment" in moral reform, but it ironically became the single greatest catalyst for the decadence of the Roaring Twenties. By making alcohol illegal, the government inadvertently turned it into a high-status symbol of rebellion and a source of astronomical, untaxed wealth for the criminal underworld.

In the 1920s, the path to wealth shifted. For Jay Gatsby, the traditional American Dream (hard work and perseverance) was too slow to win back Daisy, the object of his affection. Prohibition provided a "shortcut" through bootlegging. Gatsby’s wealth comes from owning a chain of drugstores that sold "grain alcohol over the counter." During Prohibition, alcohol could be prescribed for "medicinal purposes," a loophole that organized crime exploited to move massive amounts of liquor. Because drinking was a crime, it became an "exciting" activity for the wealthy. It broke down social barriers; for the first time, respectable women (Flappers) were seen drinking and smoking in public alongside men. Jazz music flourished in these illegal spaces. The frantic, improvisational nature of Jazz perfectly matched the "live for today" attitude of people who knew their party could be raided by police at any moment.

Iconic symbols of decadence were the Flapper girl, women with bobbed hair, short "fringe" dresses, and heavy makeup who openly smoked and drank; speakeasies that became hubs for illegal liquor, jazz, and uninhibited social mingling during Prohibition; automobiles, specifically luxury brands like the Duesenberg or the yellow Rolls-Royce (famously featured in The Great Gatsby) representing mobility and status; raccoon coats; and art deco everything!

In the 1920s, symbols of decadence reflected a society defined by newfound wealth, the rejection of traditional Victorian morality, and a frantic pursuit of pleasure following World War I. And these symbols weren't just for show; they were the outward signs of a "credit bubble" and a culture of speculation that eventually caused the economy to overheat.

The culture of "Buy Now, Pay Later" Decadence was fueled by a new financial invention: Installment Plans. For the first time, luxury items like automobiles, radios, and vacuum cleaners—symbols of the modern "good life"—were available to the middle class on credit.  As a result, by 1929, the average American was heavily in debt. When the economy showed the first signs of slowing, people stopped spending to pay off their debts, causing demand for goods to plummet. The decadence of the 20s created a "paper prosperity" that couldn't survive a reality check. When the bubble burst on Black Tuesday, the symbols of excess were replaced by symbols of survival.

The most dangerous symbol of 1920s decadence was the Stock Market. It became a national pastime. Investors would pay only 10% of a stock's price and borrow the other 90%. This was a "decadent" gamble; as long as prices went up, everyone was rich. In October 1929, when prices dipped, brokers called in those loans. Investors who didn't have the cash were forced to sell their stocks instantly, triggering a feedback loop of panic selling.

While the 1920s looked wealthy, the prosperity was top-heavy. By 1929, the wealthiest 1% of Americans owned roughly 40% of the nation's wealth. Because the economy relied on the "luxury spending" of the rich and the "debt spending" of the middle class, there was no solid foundation and the economy was fragile. When the rich stopped spending and the middle class couldn't borrow more, the entire structure collapsed and so did the decadence that went with it.

By the 1930s, symbols of decadence, like the Flapper girl, speakeasies, raccoon coats, and art deco everything, had fallen to the wayside. Short skirts and bobbed hair were replaced by longer hemlines and a "make do and mend" attitude as the brutality of the Great Depression sat in.