1946-1960 Economy

  • Period: to

    1946-1960 Economy

  • Richest Country in the world

    Postwar period the United States consolidated its position as the world's richest country.
  • Industrial America

    Workers found their own lives changing as industrial America changed.
  • Truman declared end to hostilities

    Truman officially declared an end to hostilities by Presidential Proclamation on December 31, 1946 (Proc. no. 2714, 61 Stat. 1048)
  • Gross national product

    Gross national product, a measure of all goods and services produced in the United States, jumped from about $200 thousand-million in 1940 to $300 thousand-million in 1950 to more than $500 thousand-million in 1960
  • Americans considered themselves middle class

    More and more Americans now considered themselves part of the middle class.
  • Major Coorporations

    major corporations in America grew even larger
  • Economic collapse

    Post World War II America waited expectantly for the United States to suffer a postwar economic collapse; the recession came in the third quarter of 1948
  • Cost of education

    College in America turned into a mass higher education system that became a consumer necessity. Partially, this is due to the creation of the GI Bill of Rights, along with the increase in the standard of living for Americans at the time, which made the cost of a college education more reasonable and easier to afford.
  • civil rights movement

    The United States was on the brink of a major civil rights movement in the 1950s
  • Women began to work

    women began to work, supporting their families and building careers for themselves
  • inflation and employement

    1950s both unemployment and inflation remained low
  • college students

    During the 1950s, the number of college students doubled.
  • americans bought homes

    The mortgages mentioned made purchasing a home easier than ever before.
  • increased goverment spending

    Yet as the most critical economic problem of late 1953 was a sluggish economy, perhaps the more appropriate thing to do would be to increase government spending.
  • Korean war ends

    After three years of a bloody and frustrating war, the United States, the People's Republic of China, North Korea, and South Korea agree to an armistice, bringing the Korean War to an end. The armistice ended America's first experiment with the Cold War concept of "limited war."
  • Jobs

    1956 a majority held white-collar jobs, working as corporate managers, teachers, salespersons and office employees
  • Firms guaranteed Wage

    Some firms granted a guaranteed annual wage, long-term employment contracts and other benefits.
  • Farmers faces tough times

    Farmers, on the other hand, faced tough times. Gains in productivity led to agricultural consolidation, as farming became a big business. Family farms, in turn, found it difficult to compete, and more and more farmers left the land.
  • economy low point

    The economy turned sharply downward in the summer of 1957 and reached its low point in spring 1958.
  • NASA Created

    NASA was created
  • women employeed

    1950 to 1959, the total number of females employed increased by 18%
  • families owed tv's

    1960 three-quarters of all families owned at least one set of tv's
  • economy strengthen

    However, this gradual growth led to the US being at peak economic strength in the early 1960's