The Development of the American Political Economy
I need an essay at least with 5 paragraphs for each point and plus one introduction and one conclusion
that in total be 7 paragraphs. The following is what I need to write about it:
- You have been asked by a local community organization to give a one hour presentation on the
development of the American political economy, from 1950 to the present. Outline at least 5 main points
and the information you would include to explain those issues to an audience. The focus of your
presentation can be any of the following: consumerism, foreign policy, production, military engagements,
or views of the citizens of the United States.
Note: focus should just be on one of the followings: (consumerism, foreign policy, production, military
engagements, or views of the citizens of the United States) which it should be concluded from 5 main
points about that focus.
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THE DEVELOPMENT OF THE AMERICAN POLITICAL ECONOMY
At the stop of World War II, the American military went back home to a nation rather
united from the one they had left behind. Wartime production assisted lift the American
economy out of the depression, and from the late 1940s, young adults witnessed outstanding
increase in their spending clout. Jobs were abundant, salaries were higher, and since the lack of
consumer goods at the time of the war, Americans were keen to spend. At the same time, young
couples were marrying and having children at extraordinary levels. Fresh and increased federal
systems comprising of the G.I. Bill of Rights, permitted many young families to buy their own
homes, frequently situated in fast growing environs. After World War II, consumer spending no
longer meant only fulfilling an indulgent material want. In reality, the American consumer was
applauded as a patriotic citizen in the 1950s, contributing to the final success of the American
means of life (Gindin & Panitch, 2012)
Americans invested in goods found around home and family life. Nowhere in the history
of America has consumerism turned out to be prevalent as in the 1950s. The 50s was an age
known as the Golden Age of Capitalism, a time of unexpected economic expansion that
benefited both the capitalists and employees, as a consequence of higher wages (Gindin &
Panitch, 2012). The economic success amounted to an expanding middle class that demanded
applications and products that would facilitate them enjoy more leisure. Inventions like the
refrigerator, vacuum cleaners, amid others, became household items.
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THE DEVELOPMENT OF THE AMERICAN POLITICAL ECONOMY
The 1950s witnessed the TV grow in popularity. By the end of the 1950s, almost nine
out of ten American households possessed a television set. This radically transformed American
life. Individuals began utilizing the television as a basis of information. The work that one time
belonged firmly to the newspapers was shifting on to other plans. America as well started
utilizing TV as their preferred choice of leisure activity. In the twentieth-century, the
advancements in the standards of living of the community and the resultant emergence of the
middle class, extensively applies the phrase “conspicuous consumption to all citizens who owned
the optional earnings that permitted them to carry out the patterns of economic consumption of
goods and services. The years unfolding following World War II were collectively ones of
solidity and success for Americans. The state retransformed its war equipment into a consumer
culture nearly suddenly and established for 12 million returning veterans (Gindin & Panitch,
2012).
The American economy increased remarkably in the post-war time, increasing at a rate of
3.5 percent per year between 1945 and 1970. At this time of success, many earnings doubled in a
generation. The considerable raise in average household earnings inside a generation amounted
to millions of office and factory employees being pushed into an increasing middle class.
Between 1946 and 1960, the U.S. saw an important growth in the consumption of goods and
services (Gindin & Panitch, 2012). Consumption grew by 36 percent and individual
consumption expenses by 42 percent. Educational outlays were as well greater than in other
nations whilst a higher percent of young individuals were graduating from high school and
universities than anywhere in the globe. America produced a progressively increasing demand
for better cars, clothing, applications, household vacations, and higher education.
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THE DEVELOPMENT OF THE AMERICAN POLITICAL ECONOMY
One of the aspects that drove the success of the 50s was the growth in consumer
spending. Americans enjoyed a standard of existence that was unimaginable to the rest of the
globe. The period was mature for Americans to transform their spending habits. The adults of the
50s had been raised in circumstances of economic deficiency, first as a result of the collective
poverty of the Great Depression and then as a result of the rationing of consumer products World
War II. During the 1930s, with the lack of jobs and the economy in shambles, most American
citizens could merely not afford much beyond the essentials (Gindin & Panitch, 2012).
Consumerism was fueled by advertising. Spending on goods promotion increased from
$6 billion yearly in 1959 to more than $13 billion by 1963. There is little skepticism over
advertising fueled the buying of new goods, which as result kept the nation’s economic wheels
turning. Advertisements were now being witnessed on a mass range, as a result of the amount of
television that was being watched throughout the nation. In present day consumption is deflating
the environmental bases. Conversely, the nation’s economic wellbeing is calculated more
according to how much American’s are ready to spend, the consumer benefit, and less in how
much is yielded, the gross national product, or how even we invest (Gindin & Panitch, 2012).
Consumerism these days characterises Americans and as well separates them from one
another. A consumer economy functions if consumption of products offers just temporary
pleasure such as happiness is infinitely deferred, so that consumers continue to purchase more
and more products and services (Gindin & Panitch, 2012). By explanation, the consumer can
never be fulfilled. The pursuit of this type of contentment generates a vicious circle of expanding
nervousness and displeasure.
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THE DEVELOPMENT OF THE AMERICAN POLITICAL ECONOMY
Reference list
Gindin, S. & Panitch, L. (2012). The Making of Global Capitalism: The Political Economy of
American Empire. New York, NY: Basic Books.
