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In early 1950s, the Soviet Union, having reconstructed the ruins left by the war, experienced a decade of prosperous, undisturbed, and rapid economic growth, with significant and remarkable technological achievements most notably the first earth satellite. The nation made it to the top 15 countries with highest GDP per capita in the mid-1950s.
Expansion resumed following a return to growth in May 1954. Employment and GDP growth slowed relative to the previous two expansions. April 1958– April 1960 24 +3.6% +5.6%: A brief, two-year period of expansion occurred between 1958 and 1960, followed by another monetary recession in 1960. Feb 1961– Dec 1969 106 +3.3% +4.9%
Beatniks and the Beat Generation, an anti-materialistic literary movement whose name was invented by Jack Kerouac in 1948 and stretched on into the early-mid-1960s, was at its zenith in the 1950s. [74] Such groundbreaking literature from the beats includes William S. Burroughs' Naked Lunch, Allen Ginsberg's Howl, and Jack Kerouac's On the Road.
Apart from these factors, hard work and long hours at full capacity among the population in the 1950s, 1960s and early 1970s and extra labour supplied by thousands of Gastarbeiter ("guest workers", since the late 1950s) provided a vital base for the sustainment of the economic upturn with additional workforce. From the late 1950s, West Germany ...
The modernization theory of the 1950s and 1960s drew on classical evolutionary theory and a Parsonian reading of Weber's ideas about a transition from traditional to modern society. [11] Parsons had translated Weber's works into English in the 1930s and provided his own interpretation.
Population growth was responsible for over three-quarters of the economic growth of the British American colonies. The free white population had the highest standard of living in the world. [ 5 ] [ 6 ] There was very little change in productivity and little in the way of introduction of new goods and services.
The BBC's early television service was given a major boost in 1953 with the coronation of Elizabeth II, attracting a worldwide audience of twenty million, plus tens of millions more by radio. Many middle-class people bought televisions to view the event. In 1950 just 1% owned television sets; by 1965 25% did, and many more were rented.
After World War II, many countries adopted policies of economic liberalization in order to stimulate their economies.. The period directly after the war did not see many, the most notable exception being West Germany's reforms of 1948, which set the stage for the Wirtschaftswunder in the 1950s and helped inform many of the liberalisations that were to come.