Question

How has the global economy changed since the end of World War II?

Answer 1

Answer:

The answer is broad and complex if we look at the entire world economy but I'll try to be as brief as possible for your convenience.

Explanation:

The United States experienced phenomenal economic growth. The war brought the return of prosperity, and in the postwar period the United States consolidated its position as the world's richest country. Gross national product, a measure of all goods and services produced in the United States, jumped from about $200 thousand-million in 1940 to $300 thousand-million in 1950 to more than $500 thousand-million in 1960. More and more Americans now considered themselves part of the middle class.

Looking at the Europe, the division of Eastern Communist bloc and the western European democracy bloc thwarted the economic expansion to a certain degree and the Communist economies were struggling to keep up with the growing demands of their populations.

Moreover, the international trade flourished and many international organizations that would aid the commerce and economic development originated. such as the World Bank, International Monetary Fund and the World Trade Organization.

By now, the economic significance and the up rise in Asian economies can be too.