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Econ history ≠ hist of econ thought.
b. MCMLXXII
SMBC has the best analysis of the 'Golden Age' of capitalism I've seen in a whilepic.twitter.com/Er0F2uzh0F
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who makes this argument? I've only seen it from conservative commentators who argue you can't revert to the post-war model because it was (allegedly) predicated on a monopoly position by the USA before other OECD became competitive exporters, or some such shit
I love this "the boom in manufacturing as you supply a devastated planet". someone forgot to tell this cartoonist the "devastated planet" was largely recovered to its pre-war level by the early 1950s, exceeded that trend before 1960.
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Among other things.
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some good points have been made here but I still like the rhetorical point made by the cartoon
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The 60s, when Europe and Japan had fully recovered and were starting to compete with the US, was actually the period with the longest sustained growth.
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From 1961-1968 U.S. economy grew by 43%. From 1945 to 1952, when the US was in that unparalleled position and everyone else was devastated, it grew by 11%.
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