Post–World War II economic expansion

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In the United States and several other countries, the boom was manifested in suburban development and urban sprawl, aided by automobile ownership Suburbia by David Shankbone.jpg
In the United States and several other countries, the boom was manifested in suburban development and urban sprawl, aided by automobile ownership

The post–World War II economic expansion, also known as the golden age of capitalism [1] [2] and the postwar economic boom or simply the long boom, was a period of strong economic growth beginning after World War II and ending with the 1973–75 recession. [3] The United States, Soviet Union, 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 Japan (Japanese post-war economic miracle), West Germany and Austria (Wirtschaftswunder), South Korea (Miracle of the Han River), France (Trente Glorieuses), Italy (Italian economic miracle) and Greece (Greek economic miracle).

Economic growth increase in production and consumption in an economy

Economic growth is the increase in the inflation-adjusted market value of the goods and services produced by an economy over time. It is conventionally measured as the percent rate of increase in real gross domestic product, or real GDP.

World War II 1939–1945 global war

World War II, also known as the Second World War, was a global war that lasted from 1939 to 1945. The vast majority of the world's countries—including all the great powers—eventually formed two opposing military alliances: the Allies and the Axis. A state of total war emerged, directly involving more than 100 million people from over 30 countries. The major participants threw their entire economic, industrial, and scientific capabilities behind the war effort, blurring the distinction between civilian and military resources. World War II was the deadliest conflict in human history, marked by 50 to 85 million fatalities, most of whom were civilians in the Soviet Union and China. It included massacres, the genocide of the Holocaust, strategic bombing, premeditated death from starvation and disease, and the only use of nuclear weapons in war.

1973–75 recession

The 1973–75 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. It differed from many previous recessions by being a stagflation, where high unemployment and high inflation existed simultaneously.

Contents

Terminology

In academic literature, the period is frequently referred to as the post–World War II economic boom, although this term can refer to much shorter booms in particular markets. It is also known as the long boom, but 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 economics books.

The term is also used in other contexts. 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. Yet another name for the quarter century following the end of World War II is the Age of Marx, although the Soviet Union's economic statistics were not reliable during this period. [4] [5]

The Second Industrial Revolution, also known as the Technological Revolution, was a phase of rapid industrialization between late 19th century and early 20th century. The First Industrial Revolution, which ended in the middle of 19th century, was punctuated by a slowdown in important inventions before the Second Industrial Revolution in 1870. Though a number of its characteristic events can be traced to earlier innovations in manufacturing, such as the establishment of a machine tool industry, the development of methods for manufacturing interchangeable parts and the invention of the Bessemer Process to produce steel, the Second Industrial Revolution is generally dated between 1870 and 1914.

Soviet Union 1922–1991 country in Europe and Asia

The Soviet Union, officially the Union of Soviet Socialist Republics (USSR), was a socialist state in Eurasia that existed from 1922 to 1991. Nominally a union of multiple national Soviet republics, its government and economy were highly centralized. The country was a one-party state, governed by the Communist Party with Moscow as its capital in its largest republic, the Russian Soviet Federative Socialist Republic. Other major urban centres were Leningrad, Kiev, Minsk, Alma-Ata, and Novosibirsk. It spanned over 10,000 kilometres east to west across 11 time zones, and over 7,200 kilometres north to south. It had five climate zones: tundra, taiga, steppes, desert and mountains.

Timeline

Economist Roger Middleton states that economic historians generally agree on 1950 as the start date for the golden age, [6] while Robert Skidelsky states 1951 is the most recognized start date. [7] 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.

This long term business cycle ended with a number of events in the early 1970s:

International trade Exchanges across international borders

International trade is the exchange of capital, goods, and services across international borders or territories.

The 1973 oil crisis began in October 1973 when the members of the Organization of Arab Petroleum Exporting Countries proclaimed an oil embargo. The embargo was targeted at nations perceived as supporting Israel during the Yom Kippur War. The initial nations targeted were Canada, Japan, the Netherlands, the United Kingdom and the United States with the embargo also later extended to Portugal, Rhodesia and South Africa. By the end of the embargo in March 1974, the price of oil had risen from US$3 per barrel to nearly $12 globally; US prices were significantly higher. The embargo caused an oil crisis, or "shock", with many short- and long-term effects on global politics and the global economy. It was later called the "first oil shock", followed by the 1979 oil crisis, termed the "second oil shock."

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 [years]) and is considered to extend for the 30-year period from 1945 to 1975.

Taiwan state in East Asia

Taiwan, officially the Republic of China (ROC), is a state in East Asia. Neighbouring states include the People's Republic of China (PRC) to the west, Japan to the northeast, and the Philippines to the south. The island of Taiwan has an area of 35,808 square kilometres (13,826 sq mi), with mountain ranges dominating the eastern two thirds and plains in the western third, where its highly urbanised population is concentrated. Taipei is the capital and largest metropolitan area. Other major cities include Kaohsiung, Taichung, Tainan and Taoyuan. With 23.5 million inhabitants, Taiwan is among the most densely populated states, and is the most populous state and largest economy that is not a member of the United Nations (UN).

Taiwan Miracle Period of rapid economic growth in Taiwan, as one of the [[Four Asian Tigers]]

The Taiwan Miracle or Taiwan Economic Miracle refers to the rapid industrialization and economic growth of Taiwan during the latter half of the twentieth century. As it has developed alongside Singapore, South Korea and Hong Kong, Taiwan became known as one of the "Four Asian Tigers".

Global economic climate

In the United States, unemployment fluctuated during the 1950s, but dropped steadily during the 1960s. Us unemployment rates 1950 2005.png
In the United States, unemployment fluctuated during the 1950s, but dropped steadily during the 1960s.

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. [8]

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): [7]

MetricGolden AgeWashington Consensus
Average global growth4.8%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 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). It was not until later that the world had the exceptional growth of China raising the global average. Skidelsky also reports that inequality was generally decreasing during the golden age, whereas since the Washington Consensus was formed it has been increasing.

Globally, the golden age was a time of unusual financial stability, with crises far less frequent and intense than before or after. Martin Wolf reports that between 1945–71 (27 years) the world saw only 38 financial crises, whereas from 1973–97 (24 years) there were 139. [9]

Causes

Allied war bonds matured during these years, transferring cash from governments to private households. GiveUsTheTools.jpg
Allied war bonds matured during these years, transferring cash from governments to private households.

Productivity

High productivity growth from before the war continued after the war and until the early 1970s. Manufacturing was aided by automation technologies such as feedback controllers, which appeared in the late 1930s were a fast-growing area of investment following the war. Wholesale and retail trade benefited from new highway systems, distribution warehouses, and material handling equipment such as forklifts and intermodal containers. [10] [11] Oil displaced coal in many applications, particularly in locomotives and ships. [12] In agriculture, the post WW II period saw the widespread introduction of the following:

New products and services

Industries that were created or expanded during the post war period included television, commercial aviation and particularly in the US, computer technology.

Economic aftermath of war

Economists employing Marxian economic analysis and Crisis theory argue that the period of prosperity was a temporary phase in capitalist development fueled by a revival of capital stock, large pools of labor and raw materials, and technological innovation emerging from the end of the Second World War and the scale of defeats of the international working class. [13] This era of prosperity helped prop up the perspective that the crises and business cycles inherent to capitalism could be solved through macroeconomic Keynesian policies, when in actuality the fundamental instabilities of capitalism had not been resolved. [14]

Keynesian economics

Many Western governments funded large infrastructure projects during this period. Here the redevelopment of Norrmalm and the Stockholm Metro, Sweden. Constructing the Stockholm Metro in 1957.jpg
Many Western governments funded large infrastructure projects during this period. Here the redevelopment of Norrmalm and the Stockholm Metro, Sweden.

Keynesian economists argue that the post war expansion was caused by adoption of Keynesian economic policies. Naomi Klein has argued the high growth enjoyed by Europe and America was the result of Keynesian economic policies and in the case of rapidly rising prosperity that this post war period saw in parts of South America, by the influence of developmentalist economics led by Raúl Prebisch. [15]

Infrastructure spending

One of Eisenhower's enduring achievements was championing and signing the bill that authorized the Interstate Highway System in 1956. [16] He justified the project through the Federal Aid Highway Act of 1956 as essential to American security during the Cold War. It was believed that large cities would be targets in a possible war, hence the highways were designed to facilitate their evacuation and ease military maneuvers.

Military spending

Another explanation for this period is the theory of the permanent war economy, which suggests that the large spending on the military helped stabilize the global economy; this has also been referred to as "Military Keynesianism".

Financial repression

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). [17] This allowed countries (such as the US and UK) to both deal with their existing government debt level and reduce the level of debt without needing to direct a high portion of government spending to debt service.

Wealth redistribution

Historical federal marginal tax rates for income for the lowest and highest income earners in the US Historical Marginal Tax Rate for Highest and Lowest Income Earners.jpg
Historical federal marginal tax rates for income for the lowest and highest income earners in the US
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. United States Income Distribution 1947-2007.svg
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.

Much property was destroyed in war. In the inter-war period, the Great Depression also caused investments to lose value. [19]

During both World Wars, progressive taxation and capital levies were introduced, with the generally-stated aim of distributing the sacrifices required by the war more evenly. While tax rates dipped between the wars, they did not return to pre-war levels. Top tax rates increased dramatically, in some cases tenfold. This had a significant effect on both income and wealth distributions. Such policies were commonly referred to as the "conscription of income" and "conscription of wealth". [19]

a fundamental objection to the government's policy of conscription is that it conscripts human life only, and that it does not attempt to conscript wealth...

Liberal party election platform, autumn 1917, Canada

The Economist opposed capital levies, but supported "direct taxation heavy enough to amount to rationing of citizens' incomes". Rationing of goods was also widely used, with the aim of distributing scarce resources efficiently.[ citation needed ] Rationing was widely done with ration stamps, a second currency that entitled the bearer to buy (with regular money) a certain amount of a certain sort of good (for instance, two ounces of meat, [20] or a certain amount of clothing [21] or fuel). Price controls were also used (for instance, the price of restaurant meals was capped). [20]

In the post-war period, progressive taxation persisted. Inheritance taxes also had an effect. Rationing in the United Kingdom lasted until 1954. Allied war bonds matured during the post-war years, transferring cash from governments to private households.

In Japan, progressive tax rates were imposed during the Allied occupation, at rates that roughly matched those in the United States at that time. High marginal tax rates for the wealthiest 1% were in place throughout Japan's decades of post-war growth [22] South Korea, after the Korean War saw a similar trajectory. Marginal tax rates were high on the rich, until falling quickly in the 1990s. [23] The state also legislated significant land reform, cutting deeply into a landholding elite's power and clientelism. [24]

Low oil prices

The real oil price was low during the post-war decades, with this ending in the 1973 oil crisis. Oil Prices Since 1861.svg
The real oil price was low during the post-war decades, with this ending in the 1973 oil crisis.

In the 1940s, the price of oil was about $17, rising to just over $20 during the Korean War (1951–1953). During the Vietnam War (1950s 1970s) the price of oil slowly declined to under $20. During the Arab oil embargo of 1973—the first oil shock—the price of oil rapidly rose to double in price.

International cooperation

Poster for the Marshall Plan Marshall Plan poster.JPG
Poster for the Marshall Plan

Among the causes can be mentioned the rapid normalization of political relations between former Axis powers and the western Allies. After the war, the major powers were determined not to repeat the mistakes of the Great Depression, some of which were ascribed to post–World War I policy errors. The Marshall Plan for the rebuilding of Europe is most credited for reconciliation, though the immediate post-war situations was more complicated. In 1948 the Marshall Plan pumped over $12 billion to rebuild and modernize Western Europe. The European Coal and Steel Community formed the foundation of what was to become the European Union in later years.

Institutional arrangements

Institutional economists point to the international institutions established in the post-war period. Structurally, the victorious Allies established the United Nations and the Bretton Woods monetary system, international institutions designed to promote stability. This was achieved through a number of policies, including promoting free trade, instituting the Marshall Plan, and the use of Keynesian economics.

US Council of Economic Advisers

In the United States, the Employment Act of 1946 set the goals of achieving full employment, full production, and stable prices. It also created the Council of Economic Advisers to provide objective economic analysis and advice on the development and implementation of a wide range of domestic and international economic policy issues. In its first 7 years the CEA made five technical advances in policy making: [25]

  1. The replacement of a "cyclical model" of the economy by a "growth model,"
  2. The setting of quantitative targets for the economy,
  3. Use of the theories of fiscal drag and full-employment budget,n
  4. Recognition of the need for greater flexibility in taxation, and
  5. Replacement of the notion of unemployment as a structural problem by a realization of low aggregate demand.

Specific countries

The economies of the United States, Japan, West Germany, France, and Italy did particularly well. Japan and West Germany caught up to and exceeded the GDP of the United Kingdom during these years, even as the UK itself was experiencing the greatest absolute prosperity in its history. In France, this period is often looked back to with nostalgia as the Trente Glorieuses , or "Glorious Thirty", while the economies of West Germany and Austria were characterized by Wirtschaftswunder (economic miracle), and in Italy it is called Miracolo economico (economic miracle). Most developing countries also did well in this period.

Belgium

Belgium experienced a brief but very rapid economic recovery in the aftermath of World War II. The comparatively light damage sustained by Belgium's heavy industry during the German occupation and the Europe-wide need for the country's traditional exports (steel and coal, textiles, and railway infrastructure) meant that Belgium became the first European country to regain its pre-war level of output in 1947. Economic growth in the period was accompanied by low inflation and sharp increases in real living standards.

However, lack of capital investment meant that Belgium's heavy industry was ill-equipped to compete with other European industries in the 1950s. This contributed to the start of deindustrialisation in Wallonia and the emergence of regional economic disparities.

France

Between 1947 and 1973, France went through a boom period (5% growth per year on average) dubbed by Jean Fourastié Trente Glorieuses - the title of a book published in 1979. The economic growth occurred mainly due to productivity gains and to an increase in the number of working hours. Indeed, the working population grew very slowly, the "baby boom" being offset by the extension of the time dedicated to study. Productivity gains came from catching up with the United States. In 1950, the average income in France was 55% of that of an American; it reached 80% in 1973. Among the "major" nations, only Japan had faster growth in this era than France. [26]

The extended period of transformation and modernization also involved an increasing internationalization of the French economy. France by the 1980s had become a leading world economic power and the world's fourth-largest exporter of manufactured products. It became Europe's largest agricultural producer and exporter, accounting for more than 10 percent of world trade in such goods by the 1980s. The service sector grew rapidly and became the largest sector, generating a large foreign-trade surplus, chiefly from the earnings from tourism. [27]

Italy

The Italian economy experienced very variable growth. In the 1950s and early 1960s the Italian economy boomed, with record high growth-rates, including 6.4% in 1959, 5.8% in 1960, 6.8% in 1961, and 6.1% in 1962. This rapid and sustained growth was due to the ambitions of several[ quantify ] Italian businesspeople, the opening of new industries (helped by the discovery of hydrocarbons, made for iron and steel, in the Po valley), re-construction and the modernisation of most Italian cities, such as Milan, Rome and Turin, and the aid given to the country after World War II (notably through the Marshall Plan). [28] [ page needed ] [29] [ need quotation to verify ]

Japan

A transistor radio made by Sanyo in 1959. Japan manufactured much of the world's consumer electronics during this period. Sanyo Transistor.jpg
A transistor radio made by Sanyo in 1959. Japan manufactured much of the world's consumer electronics during this period.

After 1950 Japan's economy recovered from the war damage and began to boom, with the fastest growth rates in the world. [30] Given a boost by the Korean War, in which it acted as a major supplier to the UN force, Japan's economy embarked on a prolonged period of extremely rapid growth, led by the manufacturing sectors. Japan emerged as a significant power in many economic spheres, including steel working, car manufacturing and the manufacturing of electronics. Japan rapidly caught up with the West in foreign trade, GNP, and general quality of life. The high economic growth and political tranquility of the mid to late 1960s were slowed by the quadrupling of oil prices in 1973. Almost completely dependent on imports for petroleum, Japan experienced its first recession since World War II. Another serious problem was Japan's growing trade surplus, which reached record heights. The United States pressured Japan to remedy the imbalance, demanding that Tokyo raise the value of the yen and open its markets further to facilitate more imports from the United States. [31]

Soviet Union

In the 1950s the Soviet Union, having reconstructed the ruins left by the war, experienced a decade of prosperous, undisturbed, and rapid economic growth[ citation needed ], with significant technological achievements most notably the first earth satellite. The nation ranked in the top 15 most prosperous countries[ citation needed ]. However, the growth slowed and ended by 1960, as the Khrushchev regime poured resources into large military and space projects, and the civilian sector languished. While every other major nation greatly expanded its service sector, that sector in the Soviet Union (medicine, for example) was given low priority. [32] Following Khrushchev's ouster, and the appointment of a collective leadership led by Leonid Brezhnev and Alexei Kosygin, the economy was revitalised. [33] The economy continued to grow apace during the mid-to-late 1960s, during the Eighth Five-Year Plan. [34] However, economic growth began to falter during the early to mid-1970s, [33] beginning the Era of Stagnation.

Sweden

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. Sweden used to be a country of emigrants until the 1930s, but the demand for labor spurred immigration to Sweden, especially from Finland and countries like Greece, Italy and Yugoslavia. Urbanization was fast, and housing shortage in urban areas was imminent until the Million Programme was launched in the 1960s.

United Kingdom

The national debt of the United Kingdom was at a record high percentage of the GDP as the war ended, but was largely repaid by 1975. Dette britannique longue periode.png
The national debt of the United Kingdom was at a record high percentage of the GDP as the war ended, but was largely repaid by 1975.

A 1957 speech by UK Prime Minister Harold Macmillan [35] captures what the golden age felt like, even before the brightest years which were to come in the 1960s.

Let us be frank about it: most of our people have never had it so good. Go round the country, go to the industrial towns, go to the farms and you will see a state of prosperity such as we have never had in my lifetime – nor indeed in the history of this country.

Unemployment figures [36] show that unemployment was significantly lower during the Golden Age than before or after:

EpochDate rangePercentage of British labour force unemployed.
Pre-Golden Age1921–193813.4
Golden Age1950–19691.6
Post-Golden Age1970–19936.7

In addition to superior economic performance, other social indexes were higher in the golden age; for example the proportion of Britain's population saying they are "very happy" has fallen from 52% in 1957 to just 36% in 2005. [37] [38]

United States

Quarterly gross domestic product Quarterly gross domestic product.png
Quarterly gross domestic product

The period from the end of World War II to the early 1970s was one of the greatest eras of economic expansion in world history. In the US, Gross Domestic Product increased from $228 billion in 1945 to just under $1.7 trillion in 1975. By 1975, the US economy represented some 35% of the entire world industrial output, and the US economy was over 3 times larger than that of Japan, the next largest economy. [39]

$200 billion in war bonds matured, and the G.I. Bill financed a well-educated work force. The middle class swelled, as did GDP and productivity. The US underwent its own golden age of economic growth. This growth was distributed fairly evenly across the economic classes, which some attribute to the strength of labor unions in this period—labor union membership peaked during the 1950s. Much of the growth came from the movement of low-income farm workers into better-paying jobs in the towns and cities—a process largely completed by 1960. [40]

Libertarian historian Burton W. Folsom Jr. argues that under the leadership of Senator Walter George, Congress ended most economic controls, cut taxes, slashed spending, and expected entrepreneurs to create the jobs needed for the returning soldiers. The predicted postwar depression never happened and the economy grew rapidly as unemployment stabilized at 3.9 percent. [41] [42]

West Germany

Assembly of the Volkswagen Beetle in West Germany Bundesarchiv B 145 Bild-F038788-0006, Wolfsburg, VW Autowerk, Kafer.jpg
Assembly of the Volkswagen Beetle in West Germany

West Germany, under Chancellor Konrad Adenauer and economic minister Ludwig Ehrhard, saw prolonged economic growth beginning in the early 1950s. Journalists dubbed it the Wirtschaftswunder or "Economic Miracle". [43] Industrial production doubled from 1950 to 1957, and gross national product grew at a rate of 9 or 10% per year, providing the engine for economic growth of all of Western Europe. Labor union's support of the new policies, postponed wage increases, minimized strikes, supported technological modernization, and a policy of co-determination (Mitbestimmung), which involved a satisfactory grievance resolution system and required the representation of workers on the boards of large corporations, [44] all contributed to such a prolonged economic growth. The recovery was accelerated by the currency reform of June 1948, US gifts of $1.4 billion Marshall Plan aid, the breaking down of old trade barriers and traditional practices, and the opening of the global market. [45] West Germany gained legitimacy and respect, as it shed the horrible reputation Germany had gained under the Nazis. West Germany played a central role in the creation of European cooperation; it joined NATO in 1955 and was a founding member of the European Economic Community in 1958.

Effects

The increased free time of adolescents caused the rise of youth subcultures such as Mods. Old Mods photo.jpg
The increased free time of adolescents caused the rise of youth subcultures such as Mods.

The post-war economic boom had many social, cultural, and political effects (not least of which was the demographic bulge termed the baby boom). Movements and phenomena associated with this period include the height of the Cold War, postmodernism, decolonisation, a marked increase in consumerism, the welfare state, the space race, the Non-Aligned Movement, import substitution, counterculture of the 1960s, opposition to the Vietnam War, the Civil Rights Movement, the sexual revolution, the beginning of second-wave feminism, and a nuclear arms race. In the United States, the middle-class began a mass migration away from the cities and towards the suburbs. Thus, it can be summed up as a period of prosperity in which most people could enjoy a job for life, a house and a family.

In the West, there emerged a near-complete consensus against strong ideology and a belief that technocratic and scientific solutions could be found to most of humanity's problems, a view advanced by US President John F. Kennedy in 1962. This optimism was symbolized through such events as the 1964 New York World's Fair, and Lyndon B. Johnson's Great Society programs, which aimed at eliminating poverty in the United States.

The post-war economic boom is often credited by scientists, economists and historians alike as being the tipping point in sending the planet down a path towards worldwide, catastrophic, human-caused environmental collapse, largely through the effects of global warming.

Decline

The sharp rise in oil prices (due to the 1973 oil crisis) hastened the transition to the post-industrial economy, and a multitude of social problems have since emerged. During the 1970s steel crisis, demand for steel declined, and the Western world faced competition from newly industrialized countries. This was especially harsh for mining and steel districts such as the North American Rust Belt and the West German Ruhr area.

See also

Notes and references

  1. "The Golden Age of Capitalism: Reinterpreting the Postwar Experience".
  2. "Post-war reconstruction and development in the Golden Age of Capitalism".
  3. "The Golden Age of Capitalism: Reinterpreting the Postwar Experience".
  4. Desai, Meghnad (2002). Marx's Revenge: The Resurgence of Capitalism and the Death of Statist Socialism,. Verso. p. 216. ISBN   1-85984-429-4.
  5. Ball, Terence; Bellamy, Richard Paul (2002). The Cambridge history of twentieth-century political thought. Cambridge University Press. p. 45. ISBN   1-85984-429-4.
  6. Middleton, Roger (2000). The British Economy Since 1945. Palgrave Macmillan. p. 3. ISBN   0-333-68483-4.
  7. 1 2 Skidelsky, Robert (2009). Keynes: The Return of the Master. Allen Lane. pp. 116, 126. ISBN   978-1-84614-258-1.
  8. Marglin, Stephen A.; Schor, Juliet B. The Golden Age of Capitalism. Clarendon Press. p. 1. Retrieved 2015-12-20.
  9. Wolf, Martin (2009). "3". Fixing Global Finance. Yale University Press. p. 31.
  10. Field, Alexander J. (2011). A Great Leap Forward: 1930s Depression and U.S. Economic Growth. New Haven, London: Yale University Press. ISBN   978-0-300-15109-1.
  11. Bjork, Gordon J. (1999). The Way It Worked and Why It Won't: Structural Change and the Slowdown of U.S. Economic Growth. Westport, CT; London: Praeger. pp. 2, 67. ISBN   0-275-96532-5.
  12. Grübler, Arnulf (1990). The Rise and Fall of Infrastructures: Dynamics of Evolution and Technological Change in Transport (PDF). Heidelberg and New York: Physica-Verlag. p. 87<Fig. 3.1.5>
  13. Yaffe, David; Bullock, Paul (1979). "Inflation, the Crisis and the Post-War Boom". Revolutionary Communist No. 3/4 (Second Edition), November 1979. Retrieved December 16, 2015.
  14. Panitch, Leo; Miliband, Ralph (1992). "The New World Order and the Socialist Agenda". The Socialist Register. Retrieved October 11, 2015.
  15. Klein, Naomi (2008). The Shock Doctrine . Penguin. p. 55.
  16. "The cracks are showing". The Economist. June 26, 2008. Retrieved October 23, 2008.
  17. The Liquidation of Government Debt, Reinhart, Carmen M. & Sbrancia, M. Belen
  18. "U.S. Federal Individual Income Tax Rates History, 1913–2011". Tax Foundation. 9 September 2011. Archived from the original on 16 January 2013.
  19. 1 2 https://web.stanford.edu/group/scheve-research/cgi-bin/wordpress/wp-content/uploads/2013/08/ScheveStasavage_IO_2010.pdf
  20. 1 2 http://www.history.ac.uk/ihr/Focus/War/londonRation.html
  21. https://www.iwm.org.uk/history/8-facts-about-clothes-rationing-in-britain-during-the-second-world-war
  22. Moriguchi, Chiaki and Emmanual Saez. 2008. "THE EVOLUTION OF INCOME CONCENTRATION IN JAPAN, 1886 –2005: EVIDENCE FROM INCOME TAX STATISTICS," The Review of Economics and Statistics, November 2008, 90(4): 713–734, https://eml.berkeley.edu/~saez/moriguchi-saezREStat08japan.pdf
  23. Kim, Nak Nyeon and Jongil Kim. 2015. "TOP INCOMES IN KOREA, 1933-2010: EVIDENCE FROM INCOME TAX STATISTICS," HITOTSUBASHI JOURNAL OF ECONOMICS, Volume: 56 Issue: 1 Pages: 1-19.
  24. You, Jon-Sung. 2017. "Demystifying the Park Chung-Hee Myth: Land Reform in the Evolution of Korea's Developmental State," JOURNAL OF CONTEMPORARY ASIA,Volume: 47(4): 535-556
  25. Salant, Walter S. "Some Intellectual Contributions of the Truman Council of Economic Advisers to Policy-Making," History of Political Economy, 1973, Vol. 5 Issue 1, pp 36–49
  26. P. Sicsic, and C. Wyplosz. "France: 1945-92." in Economic Growth in Europe since 1945, edited by N. Crafts and G. Toniolo. (Cambridge University Press, 1996)
  27. Andrea Boltho, "Economic Policy in France and Italy since the War: Different Stances, Different Outcomes?," Journal of Economic Issues 35#3 (2001) pp 713+ online
  28. Vera Zamagni, Vera, The economic history of Italy 1860-1990 (Oxford University Press, 1993)
  29. Giangiacomo Nardozzi, "The Italian" Economic Miracle". Rivista di storia economica (2003) 19$2 pp: 139-180, in English.
  30. James L. McClain, Japan: A Modern History (2002) pp 562-98
  31. Hans Brinckmann, and Ysbrand Rogge. Showa Japan: The Post-War Golden Age and Its Troubled Legacy (2008)
  32. Gur Ofer, The service sector in Soviet economic growth (1973) p. 21 online
  33. 1 2 Sandle, Mark; Bacon, Edwin (2002). Brezhnev Reconsidered. Palgrave Macmillan. pp. 44–45. ISBN   978-0-333-79463-0.
  34. Brown, Archie (2009). The Rise & Fall of Communism. Bodley Head. p. 403. ISBN   978-1-84595-067-5.
  35. "1957: Britons 'have never had it so good'". BBC. 1957-07-20. Retrieved 2009-03-12.
  36. Sloman, John (2004). Economics. Penguin. p. 811.
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  43. Jurgen Weber, Germany, 1945-1990 (Central European University Press, 2004) pp. 37-60
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