The 1950s and 1960s

This chapter provides a detailed examination of the macro economy of the United States and the United Kingdom during a period of economic growth that took place in the 1950s and 1960s. In 1950, the United States (US) economy stood unchallenged in the world and had already entered the postwar boom period. Postwar prosperity was fueled by productivity growth. Americans achieved higher levels of education after World War II. In 1940, 49 percent of adults had graduated from high school, but in 1970 this figure had increased to 76 percent. The major urban areas were suburbanizing rapidly, especially after the construction of expressway systems in the later 1950s and 1960s. The 1950s and 1960s were a time of rapid economic growth and rising incomes for most of the population. Government expenditures were increasing as the nation increasingly became involved in the Vietnam War.