In: Economics
When the Cold War unfolded in the decade and a half after WW II, America experienced tremendous economic growth. The war brought back the prosperity in U.S., and in the post-war period the country consolidated its position as the world's richest country. Gross national product, a measure of all products and services produced in America, increased approximately in 1940 to $200 thousand-million and to $300 thousand-million in 1950. It 1960 GNP was more than $500 thousand-million. Now most of the Americans categorised themselves part of the middle class
The word “boom” is used by historians to explain lot of things about the 1950s: the booming economy i.e. America went from bust to boom after WW II. It was a period of “baby boom” in 1946 as 3.4 million babies were born in the United States. During the 1950s nearly 4 million babies were born each year. It finally tapered off in 1964 when there were nearly 77 million “baby boomers”
Workers experienced their own lives changing because of the industrial changes in the country. Fewer workers produced products and more number of services was provided. Majority held white-collar jobs by 1956, working as teachers, salespersons, corporate managers, and office employees. Few firms granted a long-term employment contracts, guaranteed annual wage, and other perks. However the farmers faced tough times as the productivity gains led to consolidation in agriculture as farming became a big business. Businesses moved into the new areas with the growth of suburbs. Large shopping centers lead to change in consumer patterns. The number of such centers increased from eight at the end of WW II to 3,840 in 1960.
Finally America was a changing country, a country on the move