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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%
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.
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.
In the 1960s, some critics argued that the link between modernization and democracy was based too much on the example of European history and neglected the Third World. [25] One historical problem with that argument has always been Germany, whose economic modernization in the 19th century came long before the democratization after 1918.
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 ...
By 1960, one-sixth of working Americans were employed directly or indirectly by the industry, but automation and imports eroded the need for such a large workforce within a couple of decades. The 1950s were the pinnacle of American automotive manufacturing and helped shape the United States into an economic superpower. [3]
1960 – U-2 incident, wherein a CIA U-2 spy plane was shot down while flying a reconnaissance mission over Soviet Union airspace 1960 – Greensboro sit-ins, sparked by four African American college students refusing to move from a segregated lunch counter, and the Nashville sit-ins, spur similar actions and increases sentiment in the Civil Rights Movement.
Data before 1950 is not annual. [clarification needed] Economic growth spread to all regions of the world during the twentieth century, when world GDP per capita quintupled. The highest growth occurred in the 1960s during post-war reconstruction. Global nominal income expanded to $1 trillion by 1960 and $10 trillion by 1980.