Question

The 1950s has been portrayed as an economic boom time for the United States, with housing, automobile ownership, the private sector, and government all expanding. Explain the growth of the American economy and determine how the American economy influenced Europe's economy starting in the 1950s and afterwards. Why was the American economy successful? In what ways did Europe benefit from the American economy?

Answer 1

During the World Wars America emerged to be powerful military power.After the world war ll the women work force who started to work during the world war ll to support the families as men were on the war front continued their work after the war. This increased the house hold income . Industrialization continued during these post war period. Commercialization of agriculture began during this period as agriculture was given up by many small scale farmers ,as many people started moving to suburbs leaving the countryside,hence, agriculture was done by bigger commercial firms. There was a shift of workforce from producers to service sectorsas more and more middle class population began to engage in service sectors leaving agriculture and industrial sectors.

Baby boomer trend raised American population, that resulted in consumerism. There was a rapid increase in the sectors of housing and other civic amenities sectors due this trend. Also, America continued it's military strengthening policy ,produced even more sophisticated weapons and kept it's status of super military power. It aided many western war stricken European countries to rebuild it's economy and thus Europe's economy. Restructed the International Monetary Fund and World Bank ,which were designed to ensure an open and capitalist international economy. The policies of America promoted maximum employment and increased consumerism. Firms were merged to become huge, diversified conglomerates.

Thus, America rose to be a super power in both military and economic terms in the world during this period and continued to keep up this status.