Growth, Trade and Prices in the Industrial Countries

The Second World War marked many changes. In a broad perspective none is more striking in the economic field than the beginning in 1948 of a long period of unprecedented economic growth for the industrial countries. Although somewhat obscured in its early phase by the effects of the war this strong growth trend emerged clearly in the late forties and was continued through the fifties and sixties, in varying degree for countries and at varying rates over time, but always strong and apparent — a dynamic background to the economic history of the period. Table 5.1 gives some indicators of this growth.