Victoria Junior College :: Economics

Victoria Junior CollegeIn the period 1945-1973, the ground miserliness underwent a period ofexceptional increase in the adjacent thirty years that had never beenexceeded previously. Indeed, this sumptuous Age was differentiated from previous(prenominal) sparing booms by two main characteristics dynamic and extensive stintingal growth. By dynamic, the expansion of the world economy madeit a authentically international economy, with countries trading with anddepending on each other instead of the autarkic empires that had beenthe hallmark of previous generations. Extensive growth was seen in theworld economy growing in the sense of the entire world and not byspecific regions, for example, the previously Eurocentric economy ofthe Industrial Revolution. Yet the Golden Age, suddenly and swiftly,was replaced by what came to be known as the Crisis Decades in 1973, thereof raising the question was the Golden Age really an Age whichcould take over lasted, with stable and secure found ations? To answer thisquestion, we must look at one-third areas of study the distri just nowion of economic power during the Golden Age, the breakdown of the economicstructures of the Golden Age, the factors which had contributed to theboom and the long-term social and political viability of economicgrowth in the post- state of war years.The main nation upon which the stability of the Golden Age be was,of course, the US. At the end of the Second World War, of the fivemajor pre-war industrial centres, (the US, Britain, Germany, Japan andthe Soviet Union) only the US had remained largely untouched by theeffects of total war. As such, the US felt that it was necessary, or steady natural, that it should assume the economic, and by extensionpolitical, leadership of the world and guide it towards economicprosperity. Moreover, world economic prosperity was the only way thatthe US could fall out(a) its own economic growth the loss of productionnecessitated by war meant that the US econ omy was facing a slowdownunless it could divert its free potential into channels outside theUS and that meant the world economy. George Kennan spelt out theAmerican attitude when he wrote in 1948 that The US has 50 per centof the worlds wealth, but only 6.3 per cent of its population. Inthis situation, our real job in the sexual climax period is to devise apattern of relationships which permit us to mention this position ofdisparity.1 This attitude could already have been found earlier inthe Bretton Woods Agreement, the system that could have been said tobe responsible for the post-war economic boom. There, the US dominatedall the major decisions and statues regarding the formation of