'The Scale of the Post War Golden Age of Economic Growth Enjoyed\r'

'In your own words, outline the scale of the post contend Golden Age of economic growth enjoyed by Western europiuman nations. The Golden age of scotch growth occurred in the aftermath of arena war devil and continued until the mid 1970’s and lead to the 1970’s recession. During this period of metre the World frugality expanded at never before seen levels, World output of manufactures quadrupled between 1950 and 1970 and at the same time trade in manufactures increased by 10 times the previous levels.Since thence historians and economists have been attempting to excuse the reasons for this unprecedented growth. Throughout this essay I am going to focus on the analysis of 2 particular economic historians Hobsbawn and Crafts. After World struggle two had ended the previously powerful atomic number 63 l avail in tatters, France and Germany were virtually destroyed and Britain was snug financial ruin. the States emerged from World War two as the Largest and most powerful economy in the world and as much(prenominal) decided to aid the recovery of atomic number 63.Clearly a strong europium was break down for America as a trading collaborator than a weak one. This resulted in America place into effect the Marshall plan. It was a four social class plan the began in April 1948 during this time America gave Europe $13 billion of aid roughly 5% of America’s GDP at the time. This clear provided a much needed boost to a Europe that agriculture sector had been totally destroyed. Is this then the factor that enabled growth in western Europe.It was intelligibly a factor that aided growth barely could it have been as Cradfts has suggested simply that Western Europe was playing ‘Catch-up’ with countries such as America. â€Å" This meant that growth had been to a lower place trend and the opportunity existed for rapid growth by correcting policy errors and repairing damaged economies. ” The U. S. A was virtually uns wayed by WW2 certainly much less than Europe and this enabled rapid growth, once Europe had emerged from WW2, it was able to take in a technology boost that America had previously experienced and ultimately gain such high growth very quickly.\r\n'