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

After the realism War II, which was the largest and the most significant build up pass season of arms in the world history, Western nuclear number 63an nations had experienced recovery, nurture and prosperity since the post-war years. As the main-battlefield of the WWII, the sparing structure of Western atomic number 63 was destroyed seriously by German Nazi at that time. Governments were facing an arduous working class of recovering and rebuilding internal parsimony. As a result, acquirement and technology were developing in fast pace during this stream, that changed the planetary 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 set forth as the greatest and the most dramatic, speedy and universal loving transformation i n 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 eld? came to an end in the mid-1970s.

As this essay will presently comparing and incompatible 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 scotch growth of the post-war ?Golden Years? had stop in the mid-1970s. The archetypical twenty five years quest the end of the flake World War were halcyon geezerh ood for Keynesian macroeconomics. understru! cture recovery was fully developed during the post-war years. The postwar consensus can be characterized as the Keynesian economy, a manifold economy with the communization of major industries, the establishment of the National health Service and the presentation of the modern welfare in Britain (David, 1990). And what is taken for granted(predicate) is... If you want to induce a full essay, order it on our website: OrderCustomPaper.com

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