Golden Age Of Europe

Topics: Macroeconomics, Post-World War II economic expansion, Inflation Pages: 5 (1829 words) Published: June 30, 2015
Golden Age of Euorpe

Golden Age of capitalism" redirects here. Other periods this term may refer to are Gilded Age and Belle Époque.

In the USA and several other countries, the boom was manifested in suburban development and urban sprawl, aided by automobile ownership.

Many Western governments funded large infrastructure projects during this period. Here the redevelopment of Norrmalm and the Stockholm 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 prosperity in the mid-20th century which occurred, following the end of World War II in 1945, and lasted until the early 1970s. It ended with the collapse of the Bretton Woods system in 1971, the 1973 oil crisis, and the 1973–1974 stock market crash, which led to the 1970s recession. Narrowly defined, the period spanned from 1945 to 1952, with overall growth lasting well until 1971, though there are some debates on dating the period, and booms in individual countries differed, some starting as early as 1945, and overlapping the rise of the East Asian economies into the 1980s or 1990s. During this time there was high worldwide economic growth; Western European and East Asian countries in particular experienced unusually high and sustained growth, together with full employment. Contrary to early predictions, this high growth also included many countries that had been devastated by the war, such as Greece (Greek economic miracle), West Germany (Wirtschaftswunder), France (Trente Glorieuses), Japan (Japanese post-war economic miracle), and Italy (Italian economic miracle). Terminology

In academic literature, the period is frequently and narrowly referred to as the post–World War II economic boom, though this term can refer to much shorter booms in particular markets. 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

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...
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