By the end of World War 2, the European economy had collapsed with 70% of the industrial infrastructure destroyed. The strength of the economic recovery following the war varied throughout the world, though in general it was quite robust. 1-The property damage in the Soviet Union consisted of complete or partial destruction of 1,710 cities and towns, 70,000 villages/hamlets, and 31,850 industrial establishments. 2- West Germany, after having continued to decline economically during the first years of the Allied occupation, later experienced a remarkable recovery, and had by the end of the 1950s doubled production from its pre-war levels. 3- Italy came out of the war in poor economic condition, but by 1950s, the Italian economy was marked by stability and high growth. 4- France rebounded quickly and enjoyed rapid economic growth and modernization under the Monnet Plan. 5- The UK, by contrast, was in a state of economic ruin after the war and continued to experience relative economic decline for decades to follow. 6- China, following the conclusion of its civil war, was essentially bankrupt. By 1953, economic restoration seemed fairly successful as production had resumed pre-war levels. This growth rate mostly persisted, though it was interrupted by economic experiments during the disastrous Great Leap Forward. [Wikipedia Article Digested]
Posted on: Sun, 25 Aug 2013 00:58:13 +0000
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