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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...

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