Why did the economic growth of the post-war 'Golden Years' come to an end in the mid-1970s?

After the ground War II, which was the largest and the most significant build up pass mount up of arms in the world history, Western atomic number 63an nations had experienced recovery, nurture and prosperity since the post-war years. As the main-battlefield of the WWII, the frugal structure of Western atomic number 63 was destroyed seriously by German Nazi at that time. Governments were facing an arduous chore of recovering and rebuilding internal parsimony. As a result, experience and technology were developing in fast pace during this power point, that changed the internationalist parsimoniousness pattern greatly, which do an important impact on capitalist economy. During this stable economy environment, countries in the Western Europe came into a new geological era of the ?Golden age?, with the world economy expending evening overtaken the level of pre-war economy. It was exposit as the greatest and the most dramatic, speedy and universal companionable transfor mation in human history. (Eric Hobsawm, 1995) It was inform by the World Bank that the world GDP gain reached 5.1%, which is an unprecedented period that the world had ever experienced. (O?Brien, 1986) However, the ?Golden old age? came to an end in the mid-1970s.

As this essay will presently comparing and tell the impact difference in the economy during the Golden Years and the 1970s, and also discuss the diverse points of status toward the reasons why the frugal growth of the post-war ?Golden Years? had stop in the mid-1970s. The world-class twenty five years quest the end of the piece World War were halc yon geezerhood for Keynesian macroeconomics! . base recovery was fully developed during the post-war years. The postwar consensus can be characterized as the Keynesian economy, a manifold economy with the nationalization of major industries, the establishment of the National health Service and the mental institution of the modern welfare in Britain (David, 1990). And what is taken for granted(predicate) is... If you want to corroborate a full essay, order it on our website: BestEssayCheap.com

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