Post–World War II economic expansion in the context of "1973–75 recession"

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⭐ Core Definition: Post–World War II economic expansion

The post–World War II economic expansion, also known as the postwar economic boom or the Golden Age of Capitalism was a broad period of worldwide economic expansion beginning with the aftermath of World War II and ending with the 1973–1975 recession. The United States, the Soviet Union, Australia and Western European and East Asian countries in particular experienced unusually high and sustained growth, together with full employment.

Contrary to early predictions, this high growth also included many countries that had been devastated by the war, such as Japan (Japanese economic miracle), West Germany and Austria (Wirtschaftswunder), South Korea (Miracle on the Han River), Belgium (Belgian economic miracle), France (Trente Glorieuses), Italy (Italian economic miracle) and Greece (Greek economic miracle). Even countries that were relatively unaffected by the war such as Sweden (Record years) experienced considerable economic growth.

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👉 Post–World War II economic expansion in the context of 1973–75 recession

The 1973–1975 recession or 1970s recession was a period of economic stagnation in much of the Western world (i.e. the United States, Canada, Western Europe, Australia, and New Zealand) during the 1970s, putting an end to the overall post–World War II economic expansion. It differed from many previous recessions by involving stagflation, in which high unemployment and high inflation existed simultaneously.

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Post–World War II economic expansion in the context of 1970s

The 1970s (pronounced "nineteen-seventies"; commonly shortened to the "Seventies" or the "'70s") was the decade that began on January 1, 1970, and ended on December 31, 1979.

In the 21st century, historians have increasingly portrayed the 1970s as a "pivot of change" in world history, focusing especially on the economic upheavals that followed the end of the postwar economic boom. On a global scale, it was characterized by frequent coups, domestic conflicts and civil wars, and various political upheavals and armed conflicts which arose from or were related to decolonization, and the global struggle between NATO, the Warsaw Pact, and the Non-Aligned Movement. Many regions had periods of high-intensity conflict, notably Southeast Asia, the Middle East, Latin America, and Africa.

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Post–World War II economic expansion in the context of Ranch-style house

Ranch (also known as American ranch, California ranch, rambler, or rancher) is a domestic architectural style that originated in the United States. The ranch-style house is noted for its long, close-to-the-ground profile, and wide open layout. The style fused modernist ideas and styles with notions of the American Western period of wide open spaces to create a very informal and casual living style. While the original ranch style was informal and basic in design, ranch-style houses built in the United States (particularly in the Sun Belt region) from around the early 1960s increasingly had more dramatic features such as varying roof lines, cathedral ceilings, sunken living rooms, and extensive landscaping and grounds.

First appearing as a residential style in the 1920s, the ranch was extremely popular with the booming post-war middle class of the 1940s to the 1970s. The style is often associated with tract housing built at this time, particularly in the southwest United States, which experienced a population explosion during this period, with a corresponding demand for housing. The style was soon exported to other nations and became popular worldwide. Its popularity waned in the late twentieth century as neo-eclectic house styles featuring historical and traditional decoration became more popular.

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Post–World War II economic expansion in the context of Mid-century modern

Mid-century modern (MCM) is "a style of design popular in the mid-twentieth century, characterized by clean, simple lines and lack of embellishment." The style was present throughout the world, but gained most popularity in North America, Brazil and Europe from roughly 1945 to 1970 during the United States' post-World War II period. MCM style can be seen in interior design, product design, graphic design, architecture and urban development.

MCM-style decor and architecture have seen a major resurgence that began in the late 1990s and continues today.

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Post–World War II economic expansion in the context of Baby boomers

Baby boomers, often shortened to boomers, are the demographic cohort preceded by the Silent Generation and followed by Generation X. The generation is often defined as people born from 1946 to 1964 during the mid-20th-century baby boom that followed the end of World War II. The dates, the demographic context, and the cultural identifiers may vary by country. Most boomers are the parents of Generation X and Millennials.

In the West, boomers' childhoods in the 1950s and 1960s had significant reforms in education, both as part of the ideological confrontation that was the Cold War, and as a continuation of the interwar period. Theirs was a time of economic prosperity and rapid technological progress, and many grew up expecting the world to improve with time.

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Post–World War II economic expansion in the context of Center-left

Centre-left politics is the range of left-wing political ideologies that lean closer to the political centre. Ideologies commonly associated with it include social democracy, social liberalism, progressivism, and green politics. Ideas commonly supported by the centre-left include welfare capitalism, social justice, liberal internationalism, and multiculturalism. Economically, the centre-left supports a mixed economy in a democratic capitalist system, often including economic interventionism, progressive taxation, and the right to unionize. Centre-left politics are contrasted with far-left politics that reject capitalism or advocate revolution.

The centre-left developed with the rest of the left–right political spectrum in 18th and 19th century France, where the centre-left included those who supported transfer of powers from the monarchy to parliament or endorsed moderate republicanism. Early progressivism and left liberalism evolved in the late-19th and early-20th centuries in Western Europe and the United States, while social democracy split from revolutionary socialism, which became associated with communism, and advocated reformist socialist positions. Social democracy became the dominant ideology in Western Europe during the post–World War II economic expansion and it spread to Africa after decolonization.

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