Economics in the 1950s Essay

This essay has a total of 370 words and 2 pages.

economics in the 1950s


By the 1950s people were beginning to realize that the economy affects every person
individually, whether they have a salary of fifty cents to ten million dollars. The
security of our jobs and how much we earn doing them, the cost of the goods we buy, the
price we pay to borrow money, and the interest we get by saving it are all directly
related to the health of the economy. And in the 1950s the American economy was the
strongest in the world.

In the 1950s people were receiving jobs as large companies created more jobs and we were
buying new technology such as the transistor and color television. People also began to
work in white-collar jobs more than ever, and the baby boom, coupled with the GI Bill,
laid the groundwork for newly developed communities and suburbs. Other economic activities
were buying on credit, playing the stock market, and taking loans from banks.

A nation's prosperity is measured by its national income, the value of all the goods and
services it produces, and also called the gross national product (GNP). By that measure,
as by many others, the United States was the unquestioned world leader after World War II.
In 1950 the U.S. GNP was $284.6 billion, and by the end of the 1950s it had increased to
$482.7 billion. American exports reached all-time highs as they steadily increased during
the decade, and the amount by which the value of exports beats the value of imports had
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