![]() Globally, the golden age was a time of unusual financial stability, with crises far less frequent and intense than before or after. Skidelsky also reports that inequality was generally decreasing during the golden age, whereas since the Washington Consensus was formed it has been increasing. It was not until later that the world had the exceptional growth of China raising the global average. Skidelsky suggests the high global growth during the golden age was especially impressive as during that period Japan was the only major Asian economy enjoying high growth (Taiwan and South Korea at the time being small economies). 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): Metric 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. In the United States, unemployment fluctuated during the 1950s, but dropped steadily during the 1960s. While this is the global period, specific countries experienced business expansions for different periods in Taiwan, the Taiwan Miracle lasted into the late 1990s, for instance, while in France the period is referred to as Trente Glorieuses (Glorious 30 ) and is considered to extend for the 30-year period from 1945 to 1975. the growing 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 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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