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The Affluent Society

Chapter 28. The Affluent Society. Economic Growth 1945-60 GNP up 250% Unemployment 5% Inflation 3%. WHY? Government spending: Defense & highway program. Economic Growth 4.7% through 1956 2.25% after. Baby Boom US population: 150m in 1950 179m in 1960.

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The Affluent Society

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  1. Chapter 28 The Affluent Society

  2. Economic Growth 1945-60 GNP up 250% Unemployment 5% Inflation 3%

  3. WHY? Government spending: Defense & highway program

  4. Economic Growth 4.7% through 1956 2.25% after

  5. Baby Boom US population: 150m in 1950 179m in 1960

  6. What Things Cost in 1956: Car: $2,100Gasoline: 30 cents/gal Milk: 97 cents/gal House: $17,800Bread: 18 cents/loaf Postage Stamp: 3 centsStock Market: 499Average Annual Salary: $5,300Minimum Wage: $1.00 per hour

  7. Keynesian Economics Varying flow of government spending and the supply of currency a state can stimulate or slow the economy

  8. Theory used to recover from 53 recession In 57 Ike won’t do it-slows recovery

  9. Business & Labor Conglomerates- by 1960 50% of corporate income made by top 1/10% or top 500

  10. POSTWAR CONTRACT Unions get raises & benefits Agree not to ask for voice in management & production

  11. UAW get automatic cost of living increases based on consumer price index

  12. Union Troubles Teamsters President Dave Beck forced to resign Jimmy Hoffa goes to jail Mine Workers Pres. Tony Boyle convicted on murder charges

  13. Science & Technology

  14. 1950 UNIVAC

  15. 1954 Jonas Salk-polio

  16. 1950’s color TV

  17. 1948 Transistor

  18. 1952 H-Bomb

  19. SPACE RACE

  20. 1957 Sputnik Why is this a threat?

  21. Vanguard Vanguard Rocket Launched December 6, 1957

  22. April 12,1961 Yuri Gagarin

  23. Alan Sheppard 1st American in Space May 1961

  24. John Glen 1st American in orbit February 1962

  25. Mercury-Atlas Rocket

  26. Gemini Project

  27. Ed White 1st space walk

  28. Apollo 1 January 27, 1967 Gus Grissom Ed White Roger Chaffee

  29. Apollo 11

  30. July 20, 1969

  31. Consumer Culture Large scale advertising on TV Mickey Mouse Club made demand for Disney products

  32. 26,000 sold per week

  33. Levittown

  34. William Levitt Mass production of homes 2 Bedroom home on a slab $90 down $58 per week Mortgages by GI Bill

  35. Burbs have sense of community *Mostly young families *Husbands work *Wives stay home-get involved with PTA and Torch Drive

  36. Move to suburbs truly makes America an automobile culture

  37. Drive in Restaurants

  38. 1950’s Zenith TV

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