How Has American Business Changed in the Last 50 Years?

Topics: Economics, Ben Bernanke, Globalization Pages: 3 (826 words) Published: July 27, 2008
How Has American Business Changed In the Last 50 Years?

In the last fifty years America has encountered more changes than ever before. The prosperity of our county driven by American consumerism has enabled businesses and individuals to branch out beyond the corporate, business as usual, models. Consequently, individual creativity sparked the entrepreneurial drive that facilitated the technical revolution of the 1970’s and beyond. Sure some could argue that the industrial revolution of the late 1800’s through the early 1900’s brought about dramatic changes, but in comparison to two decades of economic growth, digital advances and the globalization of economies; America not only grew up, but it boomed. Power which was once in the hands of large corporations and the government began eroding. As lifestyles changed families began wanting more. The shift of working for a large corporation all your life, to smaller entrepreneurial businesses began growing. Two income families were becoming normal and their high consumption life-styles brought demands for services. Businesses began to branch out to meet the needs of the growing consumers. From gourmet foods, designer clothing and stylish homes, niche markets stimulated economic growth. Former Federal chief economist Alan Greenspan said, “I emerged on the scene at the beginning of this extraordinary half-generation.”… Marked by a long spell of economic growth, high productivity, low inflation and booming markets. (1) As the baby boomers grew up they lead the way for many of the technological advances. The remarkable progress technology made has brought many hi-tech goods to the average consumer. Computers have been around since the 1950’s and were used for tasks like accounting, code breaking and statistical calculations(2), but priced beyond the typical business budget. With the advent of microprocessors in the early 1970’s prices began to fall, computers became smaller; their capabilities began to...
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