7/1/2023 0 Comments Baby boom ww2![]() ![]() the continued growth of international trade in manufactured goods, such as automobiles and electronics.the closing of the gold window by President Richard Nixon as a response to the Bretton Woods collapse.the collapse of the Bretton Woods monetary system in 1971.This long term business cycle ended with a number of events in the early 1970s: īoth Skidelsky and Middleton have 1973 as the generally recognized end date, though sometimes the golden age is considered to have ended as early as 1970. ![]() This is not to be confused with the Gilded Age, which refers to the era of rapid economic growth after the American civil war from approximately 1870 to 1900 in the United States.Įconomist Roger Middleton states that economic historians generally agree on 1950 as the start date for the golden age, while Robert Skidelsky states 1951 is the most recognized start date. Another name for the era is the Golden Age of Capitalism, a term coined by heterodox economist Stephen Marglin. In academic literature, the period is typically referred to as the post–World War II economic boom or simply the postwar economic boom. The boom established the conditions for a larger series of global changes at the height of the Cold War, including postmodernism, decolonisation, a marked increase in consumerism, the welfare state, the space race, the Non-Aligned Movement, import substitution, counterculture of the 1960s, the beginning of second-wave feminism, and a nuclear arms race. Even countries that were relatively unaffected by the war such as Sweden ( Record years) experienced considerable economic growth. The United States, the Soviet Union and Western European and East Asian countries in particular experienced unusually high and sustained growth, together with full employment.Ĭontrary to early predictions, this high growth also included many countries that had been devastated by the war, such as Japan ( Japanese economic miracle), West Germany and Austria ( Wirtschaftswunder), South Korea ( Miracle on the Han River), Belgium ( Belgian economic miracle), France ( Trente Glorieuses), Italy ( Italian economic miracle) and Greece ( Greek economic miracle). The post–World War II economic expansion, also known as the postwar economic boom or the Golden Age of Capitalism, was a broad period of worldwide economic expansion beginning with the aftermath of World War II and ending with the 1973–1975 recession. GDP per capita in various industrialized countries 1920 to 1976 ![]()
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