Chapter 42 for American Pageant

Ch. 42 The American People Face A peeled Century

ECONOMIC REVOLUTIONS

-General motors, the characteristic Amer corp. (switching from US steel corp.) This singaled a shift to destiny consumer economy.

-The International Business Machines (IBM) symbolized another transformation to the information age, when the storing, organizing, and affect of data became an industry in its own right.

-There was then a communications revolution w/the emergence of the internet& amp; Microsoft Corp. Where traditional geographic, social& political boundaries could be crossed. fair citizens could gain access to info that only the privileged could obtain. The se curativeness& efficiency of the new communications tools beed to cut through out entire occupational categories. Postal delivery ppl, turn on agents, store clerks, among others whose business was to mediate between product and client.

-The development of Science posed new social& honorable dilemmas. The discovery of molecular genetic structure in the 1950s could cure hereditary diseases. But, at the same time, it caused genetic mutations that might threaten the ecological balance

AFFLUENCE AND INEQUALITY

-In the 1990s even those who lived below the governments official poverty lvl (16,600 in 1998 for a family of 4) had a higher standard of living than 2/3 of the world.

-Americans were no longer the wealthiest. Wider gap between the complete& poor. 20% of the rich had nearly half of the nations wealth.



The poorest 20% had less than 4%. The welfare Reform Bill of 1996 restrict access to social services and requiring able-bodied welfare recipients to bring work, weakened the impoverished families further.

-chief executives earned 225 times as ofttimes of the income of the average worker. 12.7 % of Americans were impoverished.

-The causes of such poverty were intensifying global econ. challenger; the shrinkage in high paying manufacturing jobs 4 getup skilled& unskilled workers; the greater econ. rewards that educated workers...

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