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The Rise Of Consumerism
The rise of consumerism is when consumers start purchasing way more goods and services than they have in past years. While going into the 1950s, adults were just coming out of the great depression and rationing from World War II. World War II and The Great Depression affected the economy heavily as any war would and The Great Depression arguably had the biggest effect on the economy ever. Now in 1950, Americans were only 3% of the world's population but were consuming 30% of the world's goods. -
The Korean War
The Korean War was estimated to cost America $20 billion. That amount of money in 1950 would now equal a little more than $249 billion. The Korean War also costed America 33,651 casualties, This boosted GDP because of government spending for the war. This war introduced a new level of government debt as of how much money was spent on the war. Government debt has a negative impact on the economy as it reduces business investments and slows economic growth because there is less money. -
Steel Strike
The steel strike was a strike by the United Steelworkers of America against U.S. Steel as well as nine other steelmakers. Steel Strike had a huge effect on the economy as it had over half a million workers laid off because these steel companies had to go out of business. This disrupted production and the supply of steel which was crucial for many industries like automotive, construction, and manufacturing. Steel prices surged and so did the unemployment rate because so many were laid off. -
Josef Stalin dies. March 5 1953
On March 5, 1953, Soviet leader Joseph Stalin died after suffering a stroke. Stalin had ruled the Soviet Union with an iron fist for more than two decades, and his death marked the end of an era in Soviet history. Although he had been a key figure in the Allied victory in World War II, Stalin's legacy was marred by his brutal repression of political opponents and the millions of people who died under his regime. Stalin's death triggered a power struggle within the Soviet leadership. -
Queen Elizabeth II of Great Britain crowned
June 2 1953
On June 2, 1953, Queen Elizabeth II was crowned as the monarch of Great Britain, becoming the youngest ruler in over a century. Her coronation was a global event, marking a new era for Britain after WWII. Elizabeth has since reigned over a time of significant change and development in the world. -
U.S. and North Korea sign an armistice ending the Korean War
July 27 1953
In 1953, after three devastating years of conflict, the United States and North Korea signed an armistice that effectively ended the Korean War. The agreement was temporary until a permanent peace treaty could be negotiated, but no such treaty has ever been signed. Despite this, the armistice has remained in place, helping to maintain a fragile peace on the Korean peninsula for more than half a century. However, tensions between North Korea and the United States have continued. -
Abdul Nasser seizes power in Egypt and becomes premier.
On July 23, 1952, Egyptian army officers led by Gamal Abdel Nasser seized power in a coup that overthrew King Farouk and established a republic. Nasser became the new prime minister and put in policies aimed at modernizing the country, including land reforms, nationalization of key industries, and construction of the Aswan High Dam. He also pursued a policy of non-alignment in international affairs. Nasser remained a popular and influential figure in Egyptian politics until his death in 1970. -
Italy, West Germany, and France establish the European Union
On March 25, 1957, Italy, West Germany, France, and other European nations signed the Treaty of Rome, establishing the European Economic Community (EEC) to promote economic cooperation and integration. This laid the foundation for the establishment of the European Union (EU), which has since become a powerful political and economic bloc with a single market and common currency. -
First Mcdonalds opened in Des Plaines, IL
On April 15, 1955, the first McDonald's fast-food restaurant opened in Des Plaines, Illinois by Ray Kroc. The restaurant introduced a new concept of fast food that revolutionized the industry, paving the way for rapid expansion across the US and around the world. Today, McDonald's is one of the most recognized and iconic brands, with thousands of locations worldwide. -
Transatlantic cable telephone service begins.
On September 25, 1956, the first transatlantic telephone cable was put into service, connecting North America and Europe with instant voice communication for the first time in history. The cable revolutionized global communication and paved the way for modern telecommunications technology. -
Eisenhower Recession Started
The Eisenhower Recession was a recession that started in 1957 and lasted for only 1 year. A recession is a significant decline in the economy that lasts for months or years. It was one of the shorter recessions in U.S. history, but its effects were definitely notable. -
Eisenhower Recession ended
1958 was the year that the Eisenhower recession ended and the economy started to build itself back up. It was ended because of the government's actions to stop the recession. The government made multiple policies like the fiscal policy, where the government spent 25 million dollars to build new highways causing more people to find jobs in places because they could easily get there. They had lots more policies and actions to boost the economy back up which eventually worked out in 1958 -
Rising After Recession
In 1959, the economy was at a very good spot after rising the Eisenhower recession in 1957 and 1958. At an annual GDP per capita of 2,945$. This may not seem like a lot, but it is equal to about 31,608.81$ in today's money. That was a really good amount of money for people back then. But after 1959, the economy kept on rising and getting better.