HIST 1100 Chapter Notes - Chapter 27: Frozen Food, General Agreement On Tariffs And Trade, Student Nonviolent Coordinating Committee
17 May 2016
School
Department
Course
Professor
Document Summary
Chapter 27 the age of affluence 1945-1960: economic powerhouse. America emerged from wwii physically unscathed unlike all the other countries. Prosperity depended on global foundations: engines of economic growth. War-induced prosperity unprecedented economic growth: the bretton woods system. World bank provided loans to repair war torn europe in 1944. General agreement on tariffs and trade (gatt) led to international trade regulating body. Served america"s conception of the global economy: the military-industrial complex. Defense-related industries entered long term relationships with the pentagon in the name of security. Increase in military spending from 1% before wwii to 10% after: the economic record. Inflation stayed low until the vietnam war. The affluent society (1958) by john kenneth galbraith argued that politicians didn"t care enough about the poor: the corporate order. Accelerated tendency of economic power into big corporate firms. Cbs hired peter goldmark to improve color tv. International telephone and telegraph bought other companies and started trend of diversifying.
