An analysis of the united states economic growth after the world war two

american economy during ww2

This report will have achieved its purpose if it spurs new thinking about how exactly we can and should promote economic growth in the United States. Another serious problem was Japan's growing trade surplus, which reached record heights.

Impact of world war 2 on american society

The private economy boomed as the government sector stopped buying munitions and hiring soldiers. Developed in the s, it was not widely marketed until after the war. With wages rising about 65 percent over the course of the war, this limited success in cutting the rate of inflation meant that many American civilians enjoyed a stable or even improving quality of life during the war Kennedy, Japan rapidly caught up with the West in foreign trade, GNP, and general quality of life. Although these efforts were uniformly supported by the public at the time, they inevitably reduced the resources allocated to the production of private consumption and investment goods. The number of these centers rose from eight at the end of World War II to 3, in In the postwar period the West and the Southwest continued to grow -- a trend that would continue through the end of the century. Over that same period, federal tax revenue grew from about 8 percent of GDP to more than 20 percent. The service sector grew rapidly and became the largest sector, generating a large foreign-trade surplus, chiefly from the earnings from tourism. This contributed to the start of deindustrialisation in Wallonia and the emergence of regional economic disparities.

More and more Americans now considered themselves part of the middle class. Television, too, had a powerful impact on social and economic patterns.

The government actually seized firms and directed their operations.

An analysis of the united states economic growth after the world war two

Institutional arrangements[ edit ] Institutional economists point to the international institutions established in the post-war period. 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 Over roughly the same period, federal tax revenues fell by only around 11 percent.

the golden age in american history

Most developing countries also did well in this period.

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Economic Recovery: Lessons from the Post