Unit 2: Topic 2: The economy in the 1950s and the Consumer Society Flashcards
How did GDP increase?
- 1950- $350 billion
- 1960- $500 billion
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How did per capita income rise?
- 1940- $1700
- 1960- $2700
How much did the economy grow in the 1950s?
37%
How did real income rise 1945-60?
25%
How mcuh did housing increase over the 1950s?
27%
How much more purchasing power did the typical American family have in 1960 than in 1950?
30%
How much was unemployment in 1957?
4.5%
What was hte average inflation rate during Eisenhower’s Presidency?
2%
How many Americans lived in poverty?
1/4
How much of America’s poor was in the South?
1/2
When were the recessions during Eisenhowers Presidency?
- 1953
- 1957-8
- 1960
When did Eisenhower achieve a balanced budget?
- 1956
- 1957
- 1960.
What were the effects of the 1957 to 1958 recession?
- Unemployment rose from 4.5 percent to 7.5%.
- Production fell by 14%.
When did Stalin die?
1953
Who was the new soviet premier after Stalin?
Khruschev
How did the number of shopping malls increase?
- 1945- 8
- 1960- 40,000
Who franchised McDonalds?
Ray Kroc
What were the main reasons for economic growth?
Hint: there’s 8
- International/ economic events
- Industry/consumerism
- Eisenhower/ government policy
- The construction industry/ suburbs
- The baby boom/ teenage demographic
- Cars
- The growth of credit
- The growth of advertising/ TV
What was the average inflation rate?
2%
When did Eisenhower achieve a balanced budget?
- 1956
- 1957
- 1960.
How did Eisenhower’s budget change Truman’s defence expenditure defecit?
- 1954
- Reduced the defence expenditure by $5 billion
- Cut the $10 billion budget defecit by half.
How much was government spending on the military sector?
Still $40 billion
When was the GI bill?
1944
How many years of college education was given under the GI bill?
4 years
How many houses did the GI Bills mortgage assistance finance over how long?
- 20%
- 1946-66
When was the federal highways act?
1956.
How much money was spent on the federal highway act?
$26 billion
How many miles of road were built by the federal highway act and how long did it take?
- 41,000 miles
- 20 years
How much did defence expenditure rise as a result of Eisenhower’s dynamic conservatism?
- 1953- 31%
- 1961- 49%
How much did government expenditure increase by under Eisenhower?
11%
What caused Eisenhower to increase government expenditure?
- The Space Race
- The Soil Bank
How many recessions were there during Eisenhower’s presidency?
3 recessions
Who built Levittowns?
The Levitt Brothers
When was the first Levittown built?
1947
How many homes did the first Levittown have?
- 17,000 homes
- 80,000 residents
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How much did a home in a Levittown cost?
$8,000- 2.5x average family income
How many of the new homes constructed were built in the suburbs and when?
- 1948
- 11 million/ 12 million built in hte suburbs
When was the baby boom?
1946-1960
How much did the population increase by?
- 1950- 150 million
- 1960- 180 million
When did the boomers enter their teenage years?
1950s
Which magazine claimed teenagers were a powerful economic force and how much did it claim they were?
- Life Magazine
- $10 billion dollar power
How much did life magazine claim teenagers spent on different products?
- 20 million record players
- $25 million on deoderant
- Ate 20% more than adults
Whose poetry and novels were targetted at teenagers?
The Beat Generation
Which Hollywood film was about teenagers and when was it released?
Rebel without a cause- 1955
Which car company arranged credit terms for its cars?
General Motors
How many people did the automobile industry employ?
100,000
How did car sales increase?
- 1949- 5.1 million vehicles a year
- 1955- 7.9 million
When was the interstate highways act?
1956
How many of those living in the suburbs owned a car?
90%
What was the first out of town shopping mall?
The Southgate Centre
When did Holiday Inn open?
1952
When was McDonalds franchised and how many were there by when?
- 1955- franchised
- 1960- 228
Who franchised McDonalds?
Ray Kroc
How many new cars were manufactured and scrapped in 1955?
- 7.9 million manufactured
- 4.5 million scrapped
Which organisations provided low-interest loans for housing?
- Federal Housing Administration
- The Veterans Administration
Which company provided loans for cars?
General Motors
When was the first credit card launched and what was it called?
1950- The Diner’s Club
Which major credit card company was launched and when?
- American Express
- 1958
How did priviate debt increase
Doubled from 105 billion to 263 billion
How did advertising grow?
- 1950- $6 billion annually
- 1963- $13 billion
Which ‘public relations expert’ inspired advertising?
Edward Bernays
When did Disney open a theme park?
1955
When did I Love Lucy start?
1951
How many viewers did I Love Lucy gain?
13 million
When did Nixon and Khruschev hold the Kitchen debates debating Capitalism vs Communism?
1959
When did Eisenhower arrange for Khrushchev to fly in a helicopter over America to see the success of the American economy?
1959
Which sector of the American economy increased during the 1950s?
The tertiary structure
How many different types of workers were there in 1960?
- 8 million service workers
- 21 million white collar workers
- 26 million blue collar workers outnumbered
How did the number of industrial workers decline in the 1950s?
39% to 36% of the workforce
Name some rich American families?
- Gettys
- Rockefellers
Name 3 successful entrepeneurs during the 1950s?
- Ray Kroc- fast food
- Lucille Ball- media
- Sam Walton- retail
What was the first shopping mall and when was it opened?
- The Southdale Centre
- 1956
How many stores were in the first shopping mall?
72 stores
When was the first Holiday Inn opened?
1952
When was McDonalds franchised and how many were there by when?
- 1955- franchised
- 1960- 228
Who franchised McDonalds?
Ray Kroc
How much of each consumer good did each Americans own by 1956?
- 73%- car
- 81%- TV
- 96%- fridge
- 87%- washing machine
How many suburbans owned a car?
90%
How many cars were manufactured and scrapped in 1955?
- 8 million- manufactured
- 5 million- scrapped
What did polls show about the favourite leisure activity of Americans?
50% enjoyed TV
How many American homes had a TV by 1960
90%
When was the Disney Theme Park opened?
1955
When did I Love Lucy begin?
1951
How many households was I Love Lucy watched in?
13 million
Which Hollywood film was about teenagers and when was it released?
Rebel without a cause- 1955
Who franchised McDonalds?
Ray Kroc
Which Hollywood film was about teenagers and when was it released?
Rebel without a cause- 1955
How did advertising grow?
- 1950- $6 billion annually
- 1963- $13 billion
Which ‘public relations expert’ inspired advertising?
Edward Bernays
Which advertising campaign did Eisenhower use for which election?
- Eisenhower answers America
- 1952
How many of the worlds cars did Americans own by 1960?
1/2
How much of each consumer good did each Americans own by 1956?
- 73%- car
- 81%- TV
- 96%- fridge
- 87%- washing machine
How many American families owned a television by 1960?
90%
How many weeks of paid holiday did each American have a year?
2 weeks
Which group of novellists and poets glorified spontaneity, sex, drug use and spirituality?
The Beat Generation
Which famous novel was part of the Beat Generation?
Howl by Allen Ginsberg
Which artist and musician had a rebellious streak?
- Jackson Pollock
- Bob Dylan
Which Hollywood film was about teenagers and when was it released?
Rebel without a cause- 1955
When were the recessions during Eisenhowers Presidency?
- 1953
- 1957-8
- 1960
What were the effects of the 1957 to 1958 recession?
- Unemployment rose from 4.5 percent to 7.5%.
- Production fell by 14%.
How many Americans lived in poverty?
1/4
How much of the countries poor did the South have?
1/2
Which intellect sought to expose ‘invisible poverty’ and found poverty statistics?
Michael Harrington
Which sociologist wrote a book about the lack of awareness of poverty in America and what was the book called?
- Michael Harrington
- The Other America
Who argued consumerism adn materialism were becoming central to American identity and undermining traditional American values?
WDavid Riesman
Who wrote a book arguing Americans were materialistic and uncaring for the poor and what was it called?
- The Affluent Society
- J.K Galbraith
Who argued advertising was as socially influential as education adn religion?
David Potter
Who wrote a book arguing advertisements psychologically manipulated customers?
The Hidden Persuaders
Who wrote a play critiquing the corperate American lifestyle and what was it called?
- Arthur Miller
- Death of a Salesman
Which play was published about the pressure of family?
A Streetcar named Desire.
