Economic development, Second World war, socio-cultural aspects, production of weapons and munitions, under-developed world, developing countries, developed countries, economic growth
After the Second World War, there have been significant changes in all aspects of life. The increasing concerns about the economic development caught much attention of economists. It is during this era that the European colonization ended and the world seemed to be divided into two parts whereby the European and other western countries were referred to as the developed countries whereas their former colonies were named underdeveloped countries. It is in this background that this paper aims to discuss the economic development after the Second World War.
[...] These two countries were in fierce competition since the Second World War and continued to until the time they engaged in the Cold War. This war was referred to as cold because the United States and the Soviet Union did not do it openly and declare the war against each other (Hormats & Glaeser., 2011) .They instead focused on powers in all aspects of politics and economy. For instance, during the Cold War, there has been the increase in espionage on both sides and numerous proxy wars that involved their allies (Balogh, 2010). [...]
[...] The economic development since World War II Developed countries Different reports pointed out that between 1948 and 1970 the international traded saw an unprecedented rapid expansion. As a matter of fact, there has been a remarkable growth in the total volume of merchandise exports from non-communists countries (Hormats & Glaeser., 2011). It is argued by many commentators that the end of the World War II marked a turning point in all aspects of life most particularly in the economy (Terborgh, 2003). [...]
[...] Under-developed world After the Second World War, many colonized countries reclaimed their independence from their colonizers. Therefore, many colonized countries achieved the independence and chased away their colonizers (Kershaw, 2015). However, even though these newly independent states introduced and implemented their own political systems, they did not achieve the economic growth as that of the western countries. It is for this reason that those countries were called the under-developed countries (Digas & Rozenberg, 2010). The under-developed world is generally referred to countries that are left behind in all aspects of the economy. [...]
[...] Even though this period was characterized by the outstanding economic growth of western countries, this growth did not happen in the new independent countries of the formerly colonized countries most specifically African and some Asian countries (Sawers, Stillwaggon, & Hertz, 2008). It is therefore logical to conclude that many countries still have a long way to go in order to meet the international standards of economic development. Bibliography Balogh, A. (2010). László Borhi, Hungary in the Cold War, 1945–1956: Between the United States and the Soviet Union. Journal of Cold War Studies, 189-191. http://dx.doi.org/ 10.1162 /jcws Digas, B. & Rozenberg, V. (2010). Application of an optimisation model to studying some aspects of Russia's economic development. [...]
[...] Bus Econ, 144-153. http://dx.doi.org/ 10.1057 /be Kershaw, I. (2015). Out of the ashes: Europe's rebirth after the Second World War, 1945-1949. Journal of the British Academy http://dx.doi.org/ 10.5871 /jba/ 003.167 Sawers, L., Stillwaggon, E., & Hertz, T. (2008). Cofactor infections and HIV epidemics in developing countries: implications for treatment. AIDS Care, 488-494. http://dx.doi.org/ 10.1080 /09540120701868311 Terborgh, A. (2003). The Post-War Rise of World Trade: Does the Bretton Woods System Deserve Credit? [...]
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