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The economic development of the world since 1945

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  1. Introduction
  2. Reconstruction and economic growth: 1945 - 1973
    1. Rebuilding the World
    2. The reconstruction in countries with market economies
    3. The reconstruction in the centrally planned economies
  3. An unprecedented economic growth
  4. The factors of growth
  5. Disequilibrium and limitations to growth
    1. The U.S. economy in question
    2. The slower growth
    3. The growth challenge
  6. The Economy since 1973: Crisis and transformation
    1. The crisis of the 70s
    2. The effects of neo-liberalism
  7. Third industrial revolution and globalization
  8. Conclusion

Since 1945, the world has experienced a period of growth which, although slowed down since 1973, has nevertheless continued until today. However, the size, pace and character of this growth has changed over a period of time and is different for different countries.

What factors explain this period of growth? What are the factors that limit this growth? What are the characteristics of the economic transformation of the early 1970's? This paper examines these questions.

Between 1947 and 1952, the Marshall plan for Western Europe provided 13 billion dollars to enable recipient countries to purchase goods and equipment needed for reconstruction. Meanwhile, the U.S. pushed countries to come together in the OEEC (Organization for European Economic Cooperation: Distribution of loans and grants from the Marshall Plan, which was replaced in 1961 by OECD: Organization for Economic Cooperation and Development). From 1949 onwards, Japan benefited from other forms of aid and began its reconstruction.

[...] An unstable and slow growth There were, in fact, three alternating phases of recessions and recoveries since 1980: 1980 - 1982: Rigorous liberal and second oil shock caused a severe recession in industrial countries - 1993: Strong recovery in Japan and U.S., low in Western Europe, countries of the Third World in debt and subjected to fiscal discipline reduced growth; the Asian NIE's have sustained expansion. Since 1990: New recession in Japan and Europe (high unemployment), variable conditions in third world countries and difficult conversion period for the countries of Eastern Europe. [...]

[...] However, financing of economic activity had the disadvantage of feeding inflation and increasing debt, which became very heavy in the third world countries. Finally, unlike the previous crises, the principle of free trade was generally preserved in the GATT (Tokyo Round), which allowed some countries to offset their weakening domestic demand with increased exports. This formidably increased international competition (for example, the devastating capture of the US market by Japanese carmakers.). The effects of neo-liberalism Principles of neo-liberalism and its effects Neo-liberalism is the imposing of strict financial management and the promotion of the disengagement of the state in economic and social life. [...]

[...] To this must be added the important activities of service: education, health, and tourism. The third industrial revolution is a revolution in services. The globalization of the economy Factors: lower cost of transport and communications related to technological advances and competition. The actors: multinational corporations and governments who see globalization as a way to increase growth. Conclusion First, after reading this document, you need to remember these dates, to find your way around time: 1944: Monetary system based on the dollar (the Bretton Woods conference). [...]

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