Politically: Liberating! Women had recently won the right to vote, and were starting to be able to support themselves. They changed the voting scene dramatically.
Economically: Boomin' 20s is what this time is often called; the American banks were still reaping the benefits of making loans to their Allies from WWI. Everything was bought on credit, which would eventually lead to a major problem evident in the 1930's.
Socially: Women were more independent, and had begun to dress more freely: short dresses, short hair, and so on. Everything was about dancing and having a good time.