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The Great Boom

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The Great Boom

How a Generation of Americans Created the World's Most Prosperous Society

St. Martin’s Press,

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When Johnny came marching home, he brought with him the key to the United States’ current prosperity.

Editorial Rating

6

Qualities

  • Innovative

Recommendation

How did the modern United States get so rich? Robert Sobel presents an overview of American history from the end of World War II to the present, focusing on the economic, social, and technological developments that built wealth in America. The book is an engaging read, especially for anyone who grew up in the early ’40s or ’50s. Sobel, a professor of business history, wrestles a mass of historical data to the ground, though he sometimes daunts the reader with long, complex sentences or over-ambitious clumps of information. The book unfolds thematically, sometimes skipping about chronologically, so you might wish for charts or graphics that clarify time frames and supplementary material. You’ll get over that, as you become absorbed in this otherwise excellent, thoughtful book, which getabstract recommends for its skillful weaving of familiar historical facts and insightful analysis.

Summary

The Beginnings of the Great Boom

Ironically, the World War II or GI generation came out of the war with limited aspirations. They expected to "become wealthy enough to pay off the mortgage on a fairly modest home, take vacations overseas, send their offspring to private colleges, retire to a sunny spot in the South, or leave behind a meaningful financial package for their children and grandchildren." However, their legacy did much more. They opened up the U.S. economy by combining their ambition and solid values with the benefits of some helpful government education and home-buying programs. They established a solid foundation of wealth that prepared the way for the great boom that continues today.

Their accumulation of wealth can be shown by a number of measures. For instance, in 1995, according to Census Bureau estimates, 6.3% of the families in the U.S. were in the $100,000 or more bracket. Even with adjustments for inflation, this puts more than three times as many families in this bracket as 25 years ago. As of 1994, more than 68,000 families showed more than $1 million income on their tax returns - a number that is even greater now.

Their wealth came from...

About the Author

Robert Sobel died in June 1999, was the Lawrence Stessin Distinguished Professor of Business History at Hofstra University. He wrote many books on business and finance, including IBM: Colossus in Transition and The Pursuit of Wealth.

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