[9], Depopulation will tend to free up resources for investment and create an environment of lower competition for the survivors. The sharp rise in oil prices (due to the 1973 oil crisis) hastened the transition to the post-industrial economy, and a multitude of social problems have since emerged. The period from the end of World War II to the early 1970s was one of the greatest eras of economic expansion in world history.
This optimism was symbolized through such events as the 1964 New York World's Fair, and Lyndon B. Johnson's Great Society programs, which aimed at eliminating poverty in the United States.
The setting of quantitative targets for the economy.
In the 1950s and early 1960s the Italian economy boomed, with record high growth-rates, including 6.4% in 1959, 5.8% in 1960, 6.8% in 1961, and 6.1% in 1962. The era between 1945 and 1975 is often described as the 'Golden Age' of capitalism. However, film, because of its visual nature, had a huge advantage over radio as a potent force for stirring patriotism, and Hollywood wasted no time in producing such classics as Mrs. Miniverand Casablancain 1942, the year after the U.S. entered the war. It was inducted into the National Toy Hall of Fame in May, 2001. This was especially harsh for mining and steel districts such as the North American Rust Belt and the West German Ruhr area. Journalists dubbed it the Wirtschaftswunder or "Economic Miracle". Even countries that were relatively unaffected by the war such as Sweden (Record years) experienced considerable economic growth.
During the war, American factories hummed along at record pace, manufacturing war supplies. Sweden emerged almost unharmed from World War II, and experienced tremendous economic growth until the early 1970s, as Social Democratic Prime Minister Tage Erlander held his office from 1946 to 1969. High productivity growth from before the war continued after the war and until the early 1970s. [10][11] Oil displaced coal in many applications, particularly in locomotives and ships. Among the "major" nations, only Japan had faster growth in this era than France. By 1975, the US economy represented some 35% of the entire world industrial output, and the US economy was over 3 times larger than that of Japan, the next largest economy.
West Germany played a central role in the creation of European cooperation; it joined NATO in 1955 and was a founding member of the European Economic Community in 1958.
Structurally, the victorious Allies established the United Nations and the Bretton Woods monetary system, international institutions designed to promote stability. The economies of the United States, Japan, West Germany, France, and Italy did particularly well.
Economist Roger Middleton states that economic historians generally agree on 1950 as the start date for the golden age,[6] while Robert Skidelsky states 1951 is the most recognized start date. In the United States, the Employment Act of 1946 set the goals of achieving full employment, full production, and stable prices. In the post-war period, progressive taxation persisted.
Moriguchi, Chiaki and Emmanual Saez. Urbanization was fast, and housing shortage in urban areas was imminent until the Million Programme was launched in the 1960s. Japan rapidly caught up with the West in foreign trade, GNP, and general quality of life. Marginal tax rates were high on the rich, until falling quickly in the 1990s. In the void, New York and Chicago became influential centers for design and manufacturing during and after the war. The United States pressured Japan to remedy the imbalance, demanding that Tokyo raise the value of the yen and open its markets further to facilitate more imports from the United States.[29].
This rapid and sustained growth was due to the ambitions of several[quantify] Italian businesspeople, the opening of new industries (helped by the discovery of hydrocarbons, made for iron and steel, in the Po valley), re-construction and the modernisation of most Italian cities, such as Milan, Rome and Turin, and the aid given to the country after World War II (notably through the Marshall Plan).
Such policies were commonly referred to as the "conscription of income" and "conscription of wealth".[17]. In early 1950s, the Soviet Union, having reconstructed the ruins left by the war, experienced a decade of prosperous, undisturbed, and rapid economic growth, with significant and remarkable technological achievements most notably the first earth satellite. ", This page was last edited on 17 September 2020, at 20:32. The surprisingly rugged rides became highly popular after the war, and were sold commercially, serving as the precursor to the more lavish and comfortable SUVs that dominate the contemporary car market. This period also saw financial repression—low nominal interest rates and low or negative real interest rates (nominal rates lower than inflation plus taxation), via government policy—resulting respectively in debt servicing costs being low (low nominal rates) and in liquidation of existing debt (via inflation and taxation). Globally, the golden age was a time of unusual financial stability, with crises far less frequent and intense than before or after. Japan emerged as a significant power in many economic spheres, including steel working, car manufacturing and the manufacturing of electronics.
Inheritance taxes also had an effect.
The recovery was accelerated by the currency reform of June 1948, US gifts of $1.4 billion Marshall Plan aid, the breaking down of old trade barriers and traditional practices, and the opening of the global market. While Paris would again find its place in the fashion stratosphere, it would never again be without worthy competitors. The term is also used in other contexts. Shortages of such materials as silk (used in parachutes) and wool (used for soldiers’ blankets) also hampered production. $200 billion in war bonds matured, and the G.I. Post-war prosperity saw not just the end of the Great Depression, but the rise of the middle class and suburbs, as returning soldiers re-entered the workforce and women returned to traditional roles as homemakers. [18] Rationing was widely done with ration stamps, a second currency that entitled the bearer to buy (with regular money) a certain amount of a certain sort of good (for instance, two ounces of meat,[18] or a certain amount of clothing[19] or fuel).
You, Jon-Sung. Bill financed a well-educated work force. No, the War Department wasn’t looking for a distraction for anxious or bored soldiers.
This is a preview of subscription content. Martin Wolf reports that between 1945–71 (27 years) the world saw only 38 financial crises, whereas from 1973–97 (24 years) there were 139. The comparatively light damage sustained by Belgium's heavy industry during the German occupation and the Europe-wide need for the country's traditional exports (steel and coal, textiles, and railway infrastructure) meant that Belgium became the first European country to regain its pre-war level of output in 1947. Between 1947 and 1973, France went through a boom period (5% growth per year on average) dubbed by Jean Fourastié Trente Glorieuses - the title of a book published in 1979. Indeed, the working population grew very slowly, the "baby boom" being offset by the extension of the time dedicated to study.
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