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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.
The 1950s (pronounced nineteen-fifties; commonly abbreviated as the "Fifties" or the "' 50s") (among other variants) was a decade that began on January 1, 1950, and ended on December 31, 1959. Throughout the decade, the world continued its recovery from World War II , aided by the post-World War II economic expansion .
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.
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 early 1950s saw the establishment of agricultural cooperatives, yet these changes brought mixed outcomes. However, the push towards rapid industrialization and the establishment of people’s communes in rural areas were central to the Great Leap Forward, reflecting the government’s belief that collectivization and large-scale projects ...
The early technological and industrial development in the United States was facilitated by a unique confluence of geographical, social, and economic factors. The relative lack of workers kept U.S. wages generally higher than salaries in Europe and provided an incentive to mechanize some tasks.