Post–World War II economic expansion

Golden Age of Capitalismpost-war boompost-World War II economic expansionpost-war economic boompost-World War II boomgolden agepost-World War IIpost-World War II economic boompostwar boompostwar economic boom
The post–World War II economic expansion, also known as the golden age of capitalism and the postwar economic boom or simply the long boom, was a broad period of worldwide economic expansion beginning after World War II and ending with the 1973–1975 recession.wikipedia
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World War II

Second World WarwarWWII
The post–World War II economic expansion, also known as the golden age of capitalism and the postwar economic boom or simply the long boom, was a broad period of worldwide economic expansion beginning after World War II and ending with the 1973–1975 recession.
Most countries whose industries had been damaged moved towards economic recovery and expansion.

1973–1975 recession

1973–75 recessionstagflation of the 1970srecession
The post–World War II economic expansion, also known as the golden age of capitalism and the postwar economic boom or simply the long boom, was a broad period of worldwide economic expansion beginning after World War II and ending with the 1973–1975 recession.
The 1973–1975 recession or 1970s recession was a period of economic stagnation in much of the Western world during the 1970s, putting an end to the overall Post–World War II economic expansion.

Population decline

depopulationdepopulatedpopulation loss
Depopulation will tend to free up resources for investment and create an environment of lower competition for the survivors.
In addition to exempting the disadvantages of overpopulation, such as increased traffic, pollution, real estate prices, environmental destruction, etc. Per-capita wealth may increase in depopulation scenarios, in addition to improvement of environmental quality-of-life indicators such as improved air and water quality, reforestation, return of native species, reduction of carbon emissions, etc. The accompanying benefits of depopulation have been termed shrink and prosper, with benefits being similar to the post-Civil War Gilded Age, post-World War I economic boom, and the post-World War II economic boom.

OECD

Organisation for Economic Co-operation and DevelopmentOrganisation for European Economic Co-operationOrganisation for Economic Co-operation and Development (OECD)
OECD members enjoyed real GDP growth averaging over 4% per year in the 1950s, and nearly 5% per year in the 1960s, compared with 3% in the 1970s and 2% in the 1980s.
This would be achieved by allocating United States financial aid and implementing economic programs for the reconstruction of Europe after World War II.

Keynesian economics

KeynesianKeynesianismKeynesian theory
Keynesian economists argue that the post war expansion was caused by adoption of Keynesian economic policies.
Keynesian economics served as the standard economic model in the developed nations during the later part of the Great Depression, World War II, and the post-war economic expansion (1945–1973), though it lost some influence following the oil shock and resulting stagflation of the 1970s.

Keynes: The Return of the Master

book
Skidelsky devotes ten pages of his 2009 book Keynes: The Return of the Master to a comparison of the golden age to what he calls the Washington Consensus period, which he dates as spanning 1980–2009 (1973–1980 being a transitional period):
The chapter goes on to compare the Golden Age of Capitalism (1951–1973), where Keynesian policy was widely followed by the world's governments, with the Washington Consensus (1980–2009) period.

International monetary systems

international monetary systemBretton Woods IIinternational monetary and financial order
In older sources and occasionally in contemporary ones, the 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.
Generally the industrial nations experienced much slower growth and higher unemployment than in the previous era, and according to Professor Gordon Fletcher in retrospect the 1950s and 60s when the Bretton Woods system was operating came to be seen as a golden age.

Japanese economic miracle

Japanese post-war economic miracleJapaneconomic miracle
Contrary 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), France (Trente Glorieuses), Italy (Italian economic miracle) and Greece (Greek economic miracle).

Trente Glorieuses

Les Trente GlorieusesThe Thirty Glorious YearsFrench economy rebounded
Contrary 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), France (Trente Glorieuses), Italy (Italian economic miracle) and Greece (Greek economic miracle).

Wirtschaftswunder

economic miracleGerman economic miracle“Economic Miracle”
Contrary 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), France (Trente Glorieuses), Italy (Italian economic miracle) and Greece (Greek economic miracle).

Greek economic miracle

rapid economic growthsecond in the world after Japan
Contrary 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), France (Trente Glorieuses), Italy (Italian economic miracle) and Greece (Greek economic miracle).

Italian economic miracle

economic miracleeconomic boomboom
Contrary 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), France (Trente Glorieuses), Italy (Italian economic miracle) and Greece (Greek economic miracle).

Record years

tremendous economic growth
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.
The record years (Rekordåren) is a period in the economy of Sweden, dating from the international post–World War II economic expansion to the 1973 oil crisis, and largely coinciding with the mandates of prime ministers Tage Erlander and earliest years of Olof Palme.

Bretton Woods system

Bretton WoodsBretton Woods AgreementBretton Woods Institutions
Structurally, the victorious Allies established the United Nations and the Bretton Woods monetary system, international institutions designed to promote stability.

Interest rate

interest ratesdiscount rateinterest
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).
When this is done via government policy (for example, via reserve requirements), this is deemed financial repression, and was practiced by countries such as the United States and United Kingdom following World War II (from 1945) until the late 1970s or early 1980s (during and following the Post–World War II economic expansion).

Era of Stagnation

Brezhnev stagnationstagnationeconomic and political stagnation
However, economic growth began to falter during the early to mid-1970s, beginning the Era of Stagnation.
Other explanations include: the lack of Soviet, and communist bloc, transparency with other nations hindering globalisation and misinterpretation of a "permanent" post–World War II economic boom leading to faulty economic decisions.

Tage Erlander

Tage [Erlander
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.
Erlander's mandate coincided with the post–World War II economic expansion, in Sweden known as the record years, in which Sweden saw its economy grow to one of the ten strongest in the world, and subsequently joined the G10.

Steel crisis

collapse of the steel industryAmerican steel producers could no longer compete effectivelyclosure of many steel mills
During the 1970s steel crisis, demand for steel declined, and the Western world faced competition from newly industrialized countries.
The steel crisis was a recession in the global steel market during the 1973–75 recession and early 1980s recession following the post–World War II economic expansion and the 1973 oil crisis, further compounded by the 1979 oil crisis, and lasted well into the 1980s.

Rust Belt

Rustbeltmanufacturing stateSteel Belt
This was especially harsh for mining and steel districts such as the North American Rust Belt and the West German Ruhr area.
Following several "boom" periods from the late-19th to the mid-20th century, cities in this area struggled to adapt to a variety of adverse economic and social conditions.

Post-war consensus

Butskellismpost war consensuspost-war
The consensus has been held to characterise British politics until the economic crises of the 1970s which led to the end of the post-war economic boom and the rise of monetarist economics.

Mid-twentieth century baby boom

baby boompost–World War II baby boompost-World War II baby boom
The post-war economic boom had many social, cultural, and political effects (not least of which was the demographic bulge termed the baby boom).

Economic expansion

expansionexpandedexpansions
The post–World War II economic expansion, also known as the golden age of capitalism and the postwar economic boom or simply the long boom, was a broad period of worldwide economic expansion beginning after World War II and ending with the 1973–1975 recession.

Full employment

full-employmentemploymentfully employed
The United States, Soviet Union, Western European and East Asian countries in particular experienced unusually high and sustained growth, together with full employment.

Japan

JPNJapaneseJP
Contrary 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), France (Trente Glorieuses), Italy (Italian economic miracle) and Greece (Greek economic miracle).

West Germany

West GermanFederal Republic of GermanyGermany
Contrary 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), France (Trente Glorieuses), Italy (Italian economic miracle) and Greece (Greek economic miracle).