Practice question · Select all that apply
Which conditions made the Golden Age possible?
Hints
- Three conditions: room to catch up, cheap energy, and stable rules.
- The prewar metal standard was explicitly not restored.
Show the answer
- A. Institutional stability (Bretton Woods, GATT, welfare states)
- C. Cheap energy (oil was abundant and inexpensive)
- D. Enormous catch-up potential after wartime destruction
Why
Catch-up potential, cheap energy, and institutional design, not the old gold standard, which was explicitly rejected.
Practise The Golden Age of Capitalism
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