When borders don't matter: development and global culture - The Keynesian consensus - Consumer culture
4 important questions on When borders don't matter: development and global culture - The Keynesian consensus - Consumer culture
What questions were raised after the war?
Where did consumer culture spread after World War II? Who benefited from it?
- After World War II the culture of consumption spread to the working class in Western Europe.
- The enlargement of electrical power grids to accommodate private homes during the 1950s revolutionized domestic life; a bevy of mass-produced, labor-saving electrical products from washing machines to vacuum cleaners all saturated the markets.
- Companies such as American Express, Visa, and Mastercard began to realise enormous profits by charging high rates of interest for goods and services purchased on credit.
Who led the way in this fast-paced consumer revolution?
- Americans led the way in this fast-paced consumer revolution. The US produced over half of the world's manufactured goods at the end of the war, and in 1950 its manufacturers accounted for almost 17 percent of global exports.
- International trade contributed to an enviable employment picture for Americans, and with an abundance of well-paid jobs, many families enjoyed a standard of living that was simply unimaginable for most of the world's peoples.
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When did the cultural revolution hit Europe? How did this show up?
- The pace of recovery quickened during the second half of the decade, and by the early 1960s French, Italian, West German, and British families enjoyed many of the creature comforts that were available to their upstart American counterparts.
- Traditional local markets and shops faced increasing competition from larger retailers that practiced economies of scale, but despite the loss of intimacy associated with traditional neighborhood trade, living standards in Europe had reached enviable heights in a remarkably short period of time.
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