World War || - Research Paper Example

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World War ||

n economic growth” while the growth and development that occurred subsequently has remained satisfactory.1 The war had wreaked heavy damage on European countries and in its aftermath, there had been brisk reconstruction activities in all the nations. The development of technology during this period also had contributed to the pacing up of the reconstruction process. As a result, employment opportunities were available in abundance and this led to the overall economic development in the European countries. Due to this, despite the “devastating” effects of the war nations were able to recover from the negative impacts in an “impressive” manner, which marked the “beginning of a new era” in the annals of the history of the European Economic Development.2
The period from 1950-73, known as the “Golden Age” of the growth in the European economy, has been a unique stage in the social, political, economic, educational as well as the technological development of Europe, which has far-reaching implications on the world in general. Various elements have contributed to this growth and it has effects on the “conditional convergence, human capital and endogenous technical change” on global economy.3
WW-II has had far-reaching consequences on the economy of the world in general and European countries in particular. The period, specifically known as the Golden Age, has witnessed drastic changes in the economic status of nations across the world, which, in turn, has brought major social changes besides enhancing the standard of living. The “catch-up” that occurred after the war has been a significant element that facilitated the economic growth in Europe but this has not been an “automatic phenomenon.”4 It becomes evident that several factors such as the “Great Depression, autarky, war and reconstruction” have contributed to the post war economic growth in Europe.5 In order to understand the economic growth, it is necessary to evaluate the ...Show more

Summary

The Second World War (WW-II) is one of the most significant events in the annals of 20th century history, which has left indelible marks on the social, political, economical and cultural outlooks of nations across the globe. The impact of the war, however, is most evident in…
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