The paper “ Golden Age of Capitalism” is a breathtaking variant of the literature review on macro & microeconomics. The golden age of capitalism refers to the period of the international economic prosperity of the mid 20th century. There is the period that followed the ending of the Second World War in 1945 and lasted up to the early 1970s. Middleton (2000) argues that this collapse of the economic boom began with the collapse in 1971 of the Bretton Woods System, the oil and energy crisis of 1973, and the falling of the stock market of 1973- 1974, all this brought in the 1970s global economic recession.
In strict terms, the golden age period lasted from 1951 to 1973 although is exact dates differ depending on the specific country in question. For instance, in East Asia, this period lasts for more than a decade longer up to the 1980s and 90s. Middleton (2000) also suggests that the period was characterized by an increased global economic growth, with the East Asian and western European countries, in particular, exhibiting a high and sustained growth and development altogether.
This growth was however experienced in capitalistic nations thus Soviet-influenced regions of eastern Europe block experience a steady economic decline over the major part of this period. Countries that were badly devastated by the Second World War such as France, Japan, Italy and Germany surprising experience in a greater extent this economic miracle. In the academic world literature, the period is referred to as the “ Golden age of capitalism” or the Post-World War II economic boom. This also refers to the conditions that caused capital accumulation of 1940s to 1970s leading to the increase of the welfare state in Japan, Western Europe and United State.
However this “ golden age of Capitalism” does not capture other historical events that occurred ion that period, for instance; the Chinese and Cuban revolutions, de- colonization of Africa, McCarthyism, Vietnam war and the Cold War not forgetting the intensive political turbulence and class conflict around the world at that time.
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