Why was the period 1950-1973 called the `Golden Era` of Economic growth?

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The Golden Age : A look into history

What would constitute a period in history called a Golden Age Would the prosperity seen and felt by people make the adequate ? Would a greater sense of freedom in the regions of the world fit the ? How can we describe a Golden Age

In the years of the so-called Golden Era , from 1950-1973 , the world saw an unprecedented rise in term of growth , with global averages reaching 4 .9 percent in the period of national Keynesianism (Monthly Review . This period

, however , was not an isolated one (Institute of Industrial Relations . The period with the highest national growth rate from 1935-1950 , after an expansion in the previous economic period 1918-1935 , the distance between the two ends of the income distribution became smaller (IRI . Families of workers tried to adjust the loss of distance from the black community by downsizing in terms of number of additions to the family and the use of utilities (IRI

But in for us to fully grasp the meaning why this period in time is called the Golden Age , we have to frame it beside two other growth periods , one before the age and the one just after it . It must be also noted if there were changes in the period that contributed to the growth of the succeeding growth periods

Before the Golden Age

Families in the United States used to see how they have progressed through the years by taking a peek at their family albums , remembering the early years of their parents ' hard life (Bob Davis David Wessel During the years of the Age , almost every tier of American life had been extended the benefit of a upbeat and climbing standard of living (Davis Wessel . But again , we must peek farther than the time before this period of unprecedented growth

In the past two centuries the world has seen an era of unhampered growth (Bart van Ark . In the years between 1820 and 1997 , the gross domestic product around the world rose at around 2 .2 percent on the average (van Ark . This growth rate was around seven times the growth the world experienced from the preceding period , from 1500to 1820 (van Ark . But as time wore on , the disparity between the recipients of that high growth rate become more and more separated (van Ark . The world 's growth rate accelerated in 1870 , and again at the beginning of the Golden Age , in 1950 (van Ark . Since the growth of the world 's economy grew in that time frame , it is not ti be understood that everyone benefited from that growth in equal shares (van Ark

Great Britain , one of the leading powers during the era , learned very well from the lessons of the founder of the capitalist system , Adam Smith (Robert L . Bartley . Smith blieved that raising the economic bar could only be done by practising free and open market principles , that traders and merchants interacting with the consumers...