The 1950s: The Affluent Society
{"Image DocumentName": "The 1950s: The Affluent Society", "Image ImageDescription": "The end of WWII led to an era of wealth & spending in the 1950s: The war stimulated the economy & ended the Great Depression. High wages, service pay for soldiers, & war bond investments gave Americans money to spend. The economic boom allowed Americans to enjoy the highest standard of living in the world. Most economists who had forecast a postwar depression were proved wrong because they had failed to consider consumers\u2019 pent-up accumulation of needs and wants. People had gone without many goods for so long that by the late 1940s, with more than  135 billion in savings from defense work, service pay, and investments in war bonds, Americans suddenly had money to spend. They snatched up everything from automobiles to houses. After a brief period of postwar economic readjustment, the American economy boomed. The demand for goods and services outstripped the supply and increased production, which created new jobs. Judging from the graphs (shown left), many Americans prospered in the 1950s in what the economist John Kenneth Galbraith called the affluent society. The Cold War also contributed to economic growth. Concern over Soviet expansion kept American defense spending high and people employed. Foreign-aid programs, such as the Marshall Plan, provided another boost to the American economy. By helping nations in Western Europe recover from the war, the United States helped itself by creating strong foreign markets for its exports. After World War II ended, Americans turned their attention to their families and jobs. The economy prospered. New technologies and business ideas created fresh opportunities for many, and by the end of the decade Americans were enjoying the highest standard of living in the world. The American dream of a happy and successful life seemed within the reach of many people.", "Image XResolution": "37", "Image YResolution": "37", "Image ResolutionUnit": "Pixels/Centimeter", "Image Software": "SlidePlayer", "Image YCbCrPositioning": "Centered"}