The Affluent Society Lecture Notes

These flashcards cover key concepts and events from the lecture on The Affluent Society, focusing on economic, social, and political changes in the U.S. between 1940 and 1960.

What does the term "affluent society" refer to?

A society characterized by widespread material abundance and high levels of private production and consumption.

Who is the economist associated with the concept of the affluent society?

John Kenneth Galbraith.

What was the key economic performance of the U.S. in 1947 compared to the world?

The U.S. produced about one half of the world’s manufactures, 57% of its steel, and 62% of its oil.

By 1960, what was the trend in the average wages of Europe and Japan compared to the U.S.?

Europe and Japan were beginning to catch up, with the gap in average wages closing.

What was one significant social change from 1940 to 1960 regarding the percentage of people in poverty?

The percentage of people in poverty decreased from 33% in 1940 to 22% in 1960.

What was the purpose of the Truman Doctrine established in 1947?

To support free peoples resisting subjugation by armed minorities or outside pressures, and to counter Soviet expansionism.

What did the Liberal Consensus of 1960 imply about American society?

It suggested that the American free-enterprise system leads to abundance, social justice, and makes class conflict obsolete.

Who was President during the early 1960s that aimed to position the U.S. as a global leader?

John F. Kennedy.

What key economic principle did Kennedy adopt during his administration?

Keynesian economics, which included deficit spending to stimulate demand during recessions.

How did the perception of the gap between CEOs and average workers change from the past to the 1960s?

The gap was much lower, about 15:1 in the 1960s compared to 350:1 today.

What major civil rights leader emerged during the 1960s?

Martin Luther King, Jr.

What significant societal impact did McCarthyism have in the 1950s?

It led to anti-communist investigations and blacklisting of individuals in various sectors.