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Discussion 5 - Expansion of Middle Class and
Consumerism
Discuss
the Relationship of the Middle Class and the Consumer Culture in the 1950s/60s
During the 1950s and 1960s, an increase in disposable
income cemented the relationship between Middle Class and consumer culture
since it resulted in Americans having an increased purchasing power. In the
1950s, the GDP increased two-fold, reaching over $500 billion, expanding
American consumerism, prompting companies to earn more profits, resulting from
affordable technological advances (Malkmes, 2011). A higher GDP increased the
spending power of the Middle-class, changing their lifestyle since consumer
goods' variety and availability grew with the economy. Put simply, they had
more things to purchase all sorts of goods and services to strengthen their
material comfort; for instance, more Americans purchased houses and moved into
suburbs, underpinning the impact of increased income on the consumer culture. According
to Denisoff (2016), developers started buying land on the outskirts of major
cities such as Pennsylvania, New Jersey, and New York through utilizing mass
production techniques to build classy and affordable houses. The American
government implemented the G.I Bill, subsidizing low-cost mortgages for war
veterans, meaning it was relatively cheaper for Middle-class people to buy
houses in the outskirts areas than reside within cities (Malkmes, 2011). Therefore,
the growth of the Middle-class populous increased homeownership within the outskirt
areas, leading to whites leaving cities with blacks moving to seek economic
opportunities.
Discuss the International Monetary System and what it
Entailed
International monetary system (IMS) denotes globally accepted agreements, guidelines, and controlling entities that facilitate global trade, international investment, and the reallocation of capital between sovereign states. According to Temin and Vines (2013), this system facilitates the worldwide foreign exchange markets through which national states finance capital movement and international trade. For this reason, the IMS lets buyers and sellers of different nationalities access acceptable international means of payments. Having a common international financial architecture linked all the major global economies, including India, China, the Americas, and Europe, providing a formal monetary system to facilitate interactions. To operate fully, Eichengreen (2019) postulated that it must correct the global imbalance, provide liquidity for the changing levels of trade, promote balance of payments (BoP) adjustments, and inspire confidence. Liquidity, adjustment as well as stability and...