The%20Post-War%20West%20%28I%29%20A%20Golden%20Age%20of%20Prosperity

The%20Post-War%20West%20%28I%29%20A%20Golden%20Age%20of%20Prosperity

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The Post-War West (I), 1945-1973 A Golden Age of Prosperity
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I. An Economic Boom, 1950- 1973 America’s Quarter Century There are 4 key factors which can explain the rapid economic recovery of the U.S., Europe, and Japan
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1. Population growth
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2. Changes in government policies --Marshall Plan (Europe); Dodge Plan (Japan) --Public investment and planning; infrastructure
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Roads, Subways
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3. Growth in world trade 1950-1973 : world exports increased by 8% annually GATT; Tariff reductions foreign investment—means to produce and consume worldwide—IMF, World Bank
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4. Scientific and technological advances Electrical and chemical consumer goods --Washing machines, refrigerators, ` radios and television-sets --large quantities low prices Agriculture
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The Importance of Oil Fuel, petrochemicals Southwest Asia (The Middle East)
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Nominal (blue)/real (orange) price, 1861-2006
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II. Agribusiness The Golden River of Corn Increased production: 1920 U.S.: 20 bushels per acre; 1960 80; 1975 200 Why?
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1. Hybrid Seeds close planting (1950s 8,000 per acre; 1975 30,000) declining fertility
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2. Fertilizer
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This note was uploaded on 02/06/2011 for the course HIST 104 taught by Professor Ingrao during the Fall '08 term at Purdue.

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The%20Post-War%20West%20%28I%29%20A%20Golden%20Age%20of%20Prosperity

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