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The post–World War II economic expansion, also known as the postwar economic boom or the Golden Age of Capitalism, [1] [2] was a broad period of worldwide economic expansion beginning with the aftermath of World War II and ending with the 1973–1975 recession. [1]
Following the end of World War II and the large adjustment as the economy adjusted from wartime to peacetime in 1945, the collection of many economic indicators, such as unemployment and gross domestic product (GDP) became standardized. Expansions after World War II may be compared to each other much more easily than previous expansions because ...
Unemployment was the dominant issue of British society during the interwar years. [1] Unemployment levels rarely dipped below 1,000,000 and reached a peak of more than 3,000,000 in 1933, a figure which represented more than 20% of the working population. The unemployment rate was even higher in areas including South Wales and Liverpool. [1]
Following the end of World War II and the large adjustment as the economy adjusted from wartime to peacetime in 1945, the collection of many economic indicators, such as unemployment and GDP, became standardized. Recessions after World War II may be compared to each other much more easily than previous recessions because of these available data.
With relatively low unemployment during this period, the standard of living continued to rise, with new private and council housing developments increasing and the number of slum properties diminishing. During the period, unemployment in Britain averaged only 2%. As prosperity returned after the war, Britons became more family-centred. [66]
Women at work in the United States in World War II. The war caused the military mobilization of 16 million American men, leaving a huge hole in the urban work force. (Men in farming were exempt from the draft.) In 1945, 37% of women were employed, encouraged by factors such as patriotism [124] and the chance for high wages. [125]
But Wilson was not able to end the economic crisis. Unemployment remained well in excess of 1,000,000, inflation peaked at 24% in 1975, and the national debt was increasing. The rise of punk rock bands such as the Sex Pistols and The Clash were a reflection of the discontent felt by British youth during the difficulties of the late 1970s.
The US strike wave of 1945–1946 or great strike wave of 1946 [1] were a series of massive post-war labor strikes after World War II from 1945 to 1946 in the United States spanning numerous industries including the motion picture (Hollywood Black Friday) and public utilities.