Post-War Economic Miracle
Following WWII, Western European countries experienced rapid economic growth, known as the 'economic miracle.' This unprecedented boom lasted until the early 1970s, drastically improving living standards.
Marshall Plan's Crucial Role
The Marshall Plan, initiated in 1948, provided over $12 billion to rebuild Europe. This US-funded effort jumpstarted economies by modernizing industry, removing trade barriers, and preventing the spread of communism.
Baby Boom and Consumerism
The post-war baby boom increased demand for goods and services. A burgeoning middle class, aided by increased credit availability, drove consumerism and the creation of new markets.
Technological and Industrial Advances
Post-WWII saw technological innovation that fueled efficiency and growth. The period marked significant advancements in electronics, aviation, and the automobile industry, transforming the global economy.
Women Joining Workforce
The economic boom was partly due to the integration of women into the workforce. Their increased participation diversified the labor market and helped sustain economic expansion.
Cold War's Economic Impact
The Cold War spurred defense spending and technological competition. The space race and military advancements had significant economic spillovers, including the development of early computers and the internet.
End of the Golden Age
The boom ended with the 1973 oil crisis, leading to stagflation and economic restructuring. The following decades saw the rise of neoliberal policies and a shift away from Keynesian economics.
What marked the 'economic miracle's' end?
1973 oil crisis
Marshall Plan conclusion
Start of the Cold War
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