I think this is a failure of imagination. The modern world, largely as we appreciate it today, existed in 1940 in Europe and the U.S. That is well before the widespread deployment of plastics. It was a world in which everyone, including the very rich did with a little less but still, a fairly high quality of life.
The only question that separates then from today, is whether we can scale that kind of material to the much larger global middle class.