Home Preparation for National Talent Search Examination (NTSE)/ Olympiad
Chapter : 1. The Making of a Global World
The Early Post-War Years
The Early Post-War Years : (i) The Bretton Woods system brought immense trade and incomes for the Western industrial nations and Japan. The annual growth was recorded at an average of 8 percent between 1950s and 1970s and incomes at nearly 5 percent. The growth was also mostly stable, without large fluctuations. Unemployment rate averaged less than 5 percent inmost industrial countries. (ii) The period also witnessed worldwide spread of technology and enterprise. Developing countries invested vast amounts of capital, improving industrial plant and equipment featuring modern technology.