Numerous Americans were afraid that the end of World War II and also the succeeding drop in army spending may restore the hard times of the Great Depression. Instead, bottled-up consumer demand fueled incredibly strong financial development in the post-war duration. The auto companies efficiently converted back to generating cars, as well as brand-new industries such as air travel as well as electronics expanded tremendously.
The nation’s GPN increased from $200,000 million in 1940 to $300,000 million in 1950 and to even more than $500,000 million in 1960. At the very same time, the jump in post-war births, understood as the “baby boom,” enhanced the number of consumers.
The Military Industrial Complex
Enormous production of battle supplies had provided rise to a massive military-industrial complex (a term created by President Dwight D. Eisenhower 1953 to 1961). It did not disappear with end of WWII. As the Iron Curtain evolved throughout Europe, the United States & Soviet Union were destined to become Cold War enemies. Our arms were kept strong by investing in innovative weapons such as the hydrogen bomb
Financial aid came to war-ravaged European nations under the Marshall Plan, which strengthened markets for many U.S. products. As well as the government itself identified its main role in financial events. The Employment Act of 1946 created as federal government plan “to advertise maximum employment, production, and buying power.”
The United States likewise identified during the post-war duration the have to restructure international monetary setups, breaking thru to build the International Monetary Fund and also the World Bank– institutions created to guarantee an open, capitalist worldwide economic climate.
Business, on the other hand, entered a duration of consolidation. Companies merged to create massive, varied conglomerates. International Telephone and Telegraph, for instance, bought Sheraton Hotels, Continental Banking, Hartford Fire Insurance, Avis Rent-a-Car, and also other business.
Changes in the American Workforce
Throughout the 1950s, the workforce in the United Sates had changed. Workers providing services overshadowed and out grew those who generated products. At the very same time, labor unions won long-term work agreements and also various other benefits for their participants.
Farmers, on the other hand, dealt with a rough ride. Gains in efficiency resulted in farming overflow, as farming became a large industry. Small family farms realized it was significantly hard to compete, so many left the land.
Consequently, the variety of individuals used in the ranch industry, which in 1947 stood at 7.9 million, began a continuing decline; by 1998, U.S. farms utilized only 3.4 million individuals.
Other Americans relocated, also. Expanding demand for single-family residences and the extensive possession of cars led numerous Americans to move from central cities to suburbs. Paired with technical developments such as the innovation of air conditioning, the migration stimulated the growth of “Sun Belt” cities such as Houston, Atlanta, Miami, and also Phoenix in the southern and southwestern states. As new, federally-sponsored freeways developed far better accessibility to the suburban areas, organization patterns started to alter as well. Shopping mall multiplied, rising from 8 at the end of World War II to 3,840 in 1960. Lots of markets quickly followed, leaving cities for much less crowded sites.