To What Extent Were Hobsbawn’s “Crisis Decades” the Result of the “Golden Years” of the International Economy?

The swing of the planetary economic cycle is inevitable. From the Great disgrace of the 1930s to even the recent Financial Crisis of 2008-2009, the economy has sporadically dipped and diverted from its booming trend. It calculates that the higher the success, the worse the byzant as well. It is assumed here that the Golden Years of the ball-shaped economy more commonly entitled the Golden mount of Capitalism (GAC) was no different. Indeed many of the problems that marked the Crisis Decades originated from the GAC, much(prenominal) as the rise of New Protectionism and the trade imbalances. Other problems that marred the global economy in the 1970s were the oil and debt crisis. Although it whitethorn seem that these were merely caused by the emergence of the third domain of a function countries and had no relation to the GAC, it shall be established that the GAC had really provided the pose and thus indirectly caused these problems. The Golden Years were the will of US dominance, which unfortunately was also the root cause for the blast of the Crisis Decades, as it brought about trade imbalances. With the overheating of the economy collectible to the super rapid growth, the productive capacity was unable to alimentation up with demand, hence resulting in stagflation in the US. This is seen in that turn rising prices averaged at 3.8% in the period 1966-1969, it rose to 5% in 1970. As a result since US was the major job country, this stagflation thus affected the world as well. This took the form of the leave of the Bretton Woods System, which had established a placement of fixed swop and had promoted stability and predictability in the economy. Thus without it, planless exchange evaluate were prevalent. Hence this shows that the GAC had led to the trade imbalances and locomote exchange range which laid the foundation for the rise of other problems which made up the Crisis Decades. In addition, the number of competitors in the supranational economic vault of heave! n also increased with the Golden...If you ask to get a fully essay, order it on our website: OrderCustomPaper.com

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