The Post-War Economic Boom
- 1940s-1970s: the greatest economic boom in history?
- A unique period: benefits mostly in rich capitalist countries.
- Communist and Third World countries also saw improvements.
A Global Boom?
- US strong after WWII, other industrialized countries catching up (France, Germany, etc.)
- Food production in Africa and Asia grew faster than population increase: no great famines during 50s and 60s.
- Permanent advantages largely in the West.
- European Community: "butter mountains" and "milk lakes".
- By 1980s: huge disparities between food surpluses in some countries and hungry people in others.
- Widening gap between the rich and poor 1970-2000.
Other Characteristics of Boom
- Massive increase in industrial production and trade.
- Many Third World countries important sources of oil.
- Pollution and ecological degradation.
- Emergence of mass market for many goods and services.
- Mass tourism.
- Boom seemed to be driven by new technology.
- Relied on advanced scientific research.
- Consumer consciousness: novelty.
- Technology expensive: only available to rich countries.
- Technology: labour saving/labour replacing.