1950 to Now
Economic Boom of 1950-1970
The American economy surged into two decades of uninterrupted growth from 1950 to 1970. This economic surge swept across the nation and changed many lives. American families owned for the first time cars, washing machines, television sets, and their own homes.
What caused this boom?
The first factor is in fact World War II. The United States used the war to increase work in its factories for production in time of war, such as weapons, therefore creating job opportunities and income from exporting these goods to other countries involved in the war.
The second factor that caused the boom is the "war economy" taken on by the country. Included in this "war economy" is the production of war-related goods for a profit, and extremely large budgets for the military. The millions of dollars put into the war budget meant the creation of high-technology industries, such as aerospace, plastic, and electronics.
The third factor is the availability of cheap energy. Americans controlled the petroleum in the Middle East, therefore having cheap energy available to them.
These three main factors are what caused a long period of economic upturn for the United States.
What caused this boom?
The first factor is in fact World War II. The United States used the war to increase work in its factories for production in time of war, such as weapons, therefore creating job opportunities and income from exporting these goods to other countries involved in the war.
The second factor that caused the boom is the "war economy" taken on by the country. Included in this "war economy" is the production of war-related goods for a profit, and extremely large budgets for the military. The millions of dollars put into the war budget meant the creation of high-technology industries, such as aerospace, plastic, and electronics.
The third factor is the availability of cheap energy. Americans controlled the petroleum in the Middle East, therefore having cheap energy available to them.
These three main factors are what caused a long period of economic upturn for the United States.