The post-war period up to the late 1960s saw the largest expansion of economic growth the world has ever seen. The period saw an expanding world economy based on the reduction of tarriff barriers, the development of new technology, the existence of large pools of labour all underwritten by a dollar currency. A self-perpetuating cycle of growth was created. The main beneficiary was the United States which had set up the system in order to break into world markets, but other advanced capitalist countries also gained. In Britain the endemic problems of declining productivity and poor economic performance were masked by this huge expansion of world trade and increased demand.
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