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Economic Freedom of the 1950s

American society and culture of the 1950s was dominated by consumer driven values. These values are heavily influenced by the economic prosperity experienced in the 50s. The United States was still seen as the world’s dominant industrial power. The steel, automobile, and aircraft industry products were the most sought after in both domestic and international markets. The government also supported western state economies by issuing contracts for numerous military weapons due to the Cold War.

Jobs in the service sector also grew and because the economy was growing so rapidly, wages and benefits rose in parallel. There were relatively few strikes, high employment, and low inflation. Americans now had more residual income to spend on themselves. Credit cards and overall credit was also much easier to obtain. Jack Straus said, “The luxuries of today are the necessities of tomorrow.” Luxuries such as cars, air conditioning, dishwashers, and central heating were all becoming common items in households of the 1950s. Discount stores, shopping malls, and fast-food restaurants were also common.

The spending habits of Americans in the 1950s was similar to the spending habits of the 1920s. I believe the change in values was a result of the end of World War II. The 1950s represented the end of the Great Depression and War eras in which many items were scarce and many sacrifices had to be made. The 1950s can be categorized as a period of economic freedom, a freedom not experienced since roaring 20s.

Posted in 1953-1960, Economic History, June 15 assignment | Tagged , , | 1 Comment