This website uses cookies to ensure you have the best experience. Learn more

Economy After Cold War Essay

3190 words - 13 pages

-------------------------------------------------
Post–World War II economic expansion
From Wikipedia, the free encyclopedia
"Golden Age of capitalism" redirects here. Other periods this term may refer to are Gilded Age and Belle Époque.
In the United States and several other countries, the boom was manifested insuburban development and urban sprawl, aided by automobile ownership.
Many Western governments funded large infrastructure projects during this period. Here the redevelopment of Norrmalm and theStockholm Metro, Sweden.
The post–World War II economic expansion, also known as the postwar economic boom, the long boom, and the Golden Age of Capitalism, was a period of economic ...view middle of the document...

It is also known as the Long Boom, though this term is generic and can refer to other periods. The golden age of Capitalism is a common name for this period in both academic and popular economics books. The term is also used in other contexts. In older sources and occasionally in contemporary ones, Golden age of Capitalism can refer to the period of the Second Industrial Revolution from approximately 1870 to 1914, which also saw rapid economic expansion. Yet another name for the quarter century following the end of World War II is the Age of Keynes.[1][2]
-------------------------------------------------
Dating the period
Political economist Roger Middleton states that economic historians generally agree on 1950 as the start date for the golden age[3]–while Lord Skidelsky states 1951 is the most recognized start date.[4] Both 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.
The real oil price was low during the post-war decades, with this ending in the 1973 oil crisis.
The boom ended with a number of events in the early 1970s:
* the collapse of the Bretton Woods system in 1971
* the growing international trade in manufactured goods, such as automobiles and electronics
* the 1973 oil crisis,
* the 1973–1974 stock market crash,
* the ensuing 1973–75 recession, and
* the ensuing displacement of Keynesian economics by monetarist economics.
While this is the global period, specific countries experienced booms for different periods; in Taiwan, the Taiwan Miracle lasted into the late 1990s, for instance, while in French the period is referred to as Trente Glorieuses (30 glorious [years]) and is considered to extend for the 30-year period from 1945 to 1975.
-------------------------------------------------
Global economic climate[edit]
In the United States, unemployment fluctuated during the 1950s, but dropped steadily during the 1960s.
Real income in the United States by percentile, normalized to 2007 costs. All social classes grew wealthier during the 1950s and 1960s, but the lower percentiles have only seen marginal improvement since then.
OECD members enjoyed real GDP growth rate averaging over 4% each year in the 1950s, and very near 5% a year in the 1960s, compared with 3% in the 1970s and 2% in the 1980s.[5]
Skidelsky devotes ten pages of his 2009 book Keynes: The Return of the Master to a comparison of golden age to what he calls theWashington Consensus period, which he dates as spanning 1980–2009 (1973–1980 being a transitional period):[4]
Metric | Golden Age | Washington Consensus |
Average global growth | 4.8% | 3.2% |
Average global inflation | 3.9% | 3.2% |
Unemployment (US) | 4.8% | 6.1% |
Unemployment (France) | 1.2% | 9.5% |
Unemployment (Germany) | 3.1% | 7.5% |
Unemployment (Great Britain) | 1.6% | 7.4% |
Skidelsky suggests the high global growth during the golden age was especially...

Other Papers Like Economy After Cold War

Cold War: ¿Was It Caused By Stalin?

378 words - 2 pages The cold war was caused by Stalin’s aggression and expansionism? INTRODUCTION After the Second World War, there were two important countries which had the power: the USA and URSS. In the Yalta conference in 1945 Stalin had the support from the allies to set up pro-soviet governments in Eastern Europe. But then in the Potsdam conference, there were disagreements about what to do with Germany, about the reparations and about the soviet

Nationalism In Russia Essay

403 words - 2 pages to their differing forms of autonomy under different leaders during both the cold war and post cold war eras. As well as finally looking at the industrial might that Russia became during the cold war and the effects that this then had on the country, and its effect on the international political landscape, which included the polarisation of the world power structure between the USSR and the United states. One of the key themes that is at the

Berlin's Impact On European History

1857 words - 8 pages . This forced a Socialist way of living that in the long run created many conflicts of Socialism against Capitalism. The Berlin Wall was eventually torn down and it marked the defeat of the Soviet Union in Europe and the end of the cold war, the wall was essentially the symbol of the Cold War. After the collapse there was much to do about where the continent was headed forward. Since there had been so much conflict in years past Europe as a

Cold War

683 words - 3 pages The Cold War The Cold War was a war between the United States and the Soviet Union. This war followed a war were they fought together. However, the two countries could never agree to disagree. The Soviet Union felt as though the United States was not treating them as though they were allies. The Soviet Union came into World War II after millions of Russians had already died. The Cold War caused the United States to have to create atomic bombs

How Far Do You Agree With The View That Stalin’S Foreign Policy Was A Major Contributing Factor To The Emergence Of The Cold War In The Period 1945-50?

852 words - 4 pages continued to pursue an aggressive foreign policy and introduced his own version of Marshall aid, Comecon to combat the supposed ‘Dollar Imperialism’ and this power struggle continued for the next 30 years. However there are also other factors to be considered when looking at the origins of the cold war, both sources S and U employ revisionist views and agree that western powers should also share some of the blame. Source U, published after the

Bvmnm

1140 words - 5 pages revolution of l800? Respond with reference to 2 of the following areas/ economics, foreign policy, judiciary, politics Historians have traditionally labeled the period after the War of l812 the era of good feelings. Evaluate the accuracy of this label, considering the emergence of nationalism and sectionalism in the period l815-1825 dbq To what extent and in what ways did the roles of women change in American society between l790 and l860

Wwii

2027 words - 9 pages help bounce back the economy state of the country such as the change in government polices, growth in the trade of the world, and foreign aid. Economic recovery was helped by the changes in the government policies before the war governments adopted the laissez-faire policy. After most of them tried to stimulate the growth of their own countries by more government investments. Growth in world trade was an economic recovery as well was the war ended

The Cold Ar And Us Deplomacy

2401 words - 10 pages The Cold War and the United States Diplomacy Name: Institution: The Cold War and the United States Diplomacy The Cold War was the state of military and political tension between Western countries, especially the United States, its NATO allies, and the communist nations, particularly the Soviet Union and other satellite states. The war began after World War II had got to an end. The Cold War was named so

Theories

1545 words - 7 pages the Cold War era, as part of its policy of containment. The Iraq war saw the USA effectively “go it alone.” • Some economic power is direct. The USA plays a major role in world trade, much of which is conducted in $. The US $ is the world’s reserve currency. • A key area of US international prestige since the 1960s has been the exploration of space. 1969 saw men on the moon. The USA aims to build a moon base by 2020 and visit

World War 2

591 words - 3 pages prevent future conflicts. The Soviet Union and the United States emerged as rival superpowers, setting the stage for the Cold War, which lasted for the next 46 years. Meanwhile, the influence of European great powers started to decline, while the decolonisation of Asia and Africa began. Most countries whose industries had been damaged moved towards economic recovery. Political integration, especially in Europe, emerged as an effort to stabilise postwar relations.

Russia

1815 words - 8 pages Background. After years, even decades of growing disenchantment of the Russian people with their government leadership and inability to provide a stable economy, Russia of the 1990’s was about to experience even more turbulence in an attempt to provide stability, economic growth and become a superpower on the world stage once again. As the end of the Cold War drew to a close, Russians demanded more freedom and independence from the old Soviet

Related Essays

Social Responsibility Essay

633 words - 3 pages Ashley White POL 300 Contemporary International Problems Assignment 2: Current Events and U.S Diplomacy Professor Susie Okoro March 12, 2014 Define presidential doctrine and summarize the regional or global events during the Cold War leading up to the formation of the presidential doctrine you wrote about in Assignment 1. A doctrine is belief or policy taught or advocated by either a political party, church or other group. It also

The Cold War Essay

739 words - 3 pages Soviet Union was helping North Vietnam and the United States was helping South Vietnam. The same type of help was used when the Soviet Union invaded Afghanistan in 1979. He stated, “They fought each other without direct conflict”. After concluding my three interviews and collecting my notes, I am confident that each of my respondents had some level of knowledge when discussing the Cold War. Each of them had their differences of opinions, but

How Far Did Peaceful Coexistence Ease Cold War Tensions Between The Soviet Union And The Usa In The Years 1953

1015 words - 5 pages , the leader of the USSR was invited over to the USA where both superpower leaders met. Despite the superpower negotiations there was nothing of substance that was ever agreed and peaceful coexistence rapidly collapsed in 1960. Peaceful coexistence did ease cold war tensions in 1953-61 due to key agreements and reforms. It was no coincidence that peaceful coexistence began in 1953 after Stalin’s death, his hard-line approach meant that nothing was

Cold Water Detergent Essay

1198 words - 5 pages a Green Party that is part of the political mainstream, detergent makers waged an advertising war several years ago after they created detergents that worked equally well in all temperatures, including cold water. On television and in magazines, on detergent boxes and bottles, they promoted the environmental benefits of the new cold-water products. But the detergents languished on the shelves. “I’ve never even tried it,” said Ottilie Theis