Post World War II Economy - 1945-1969


Representatives for the Bretton Woods Conference in 1945 to sign the Bretton Woods Agreement to create financial relations after WWII (4)
Representatives for the Bretton Woods Conference in 1945 to sign the Bretton Woods Agreement to create financial relations after WWII (4)

- After the second World War in 1945, there were fears that the outcome of the economy would be similar to the Great Depression which happened after the first World War
- After World War II many countries experienced huge economy boosts even the countries greatly affected by the war like Germany, France, and Japan. Prosperity went from 1945 to the early 1970s when the stock market crashed
- Some say that the huge economic successes of Europe and North America can be attributed to the principles of Keynesian economics
- In 1945 most of the world's industrialized countries signed the Bretton Woods Agreement which created financial relations between members
- Three decades after World War II, Canadian governments created or strengthened social programs
- Examples of the social programs include the provision of universal health care, the Canadian Pension Plan which is part of Canada’s public retirement income system, and the Canadian Radio and Television Commission which was established to oversee all parts of broadcasting in Canada
- The Quebec government, led by Duplessis, in particular took in public work projects like the provincial income-tax program and the funds from the program were used to build on infrastructure. Quebec also had the highest min wage and created home ownership assistance acts
- While the Quebec government was heavily involved in the economy, the government did not support most social programs. The government can be seen as modern liberal
- When Duplessis passed away, Quebec expanded on its social programs [1] [2] [3]
The CRTC is a social program that was formed after WWII in 1968 to oversee all broadcasting in Canada (5)
The CRTC is a social program that was formed after WWII in 1968 to oversee all broadcasting in Canada (5)

Significance to Liberal economics


After World War II, many countries, including Canada, practiced Keynesian economics. Canada in particular expanded on their social programs and that helped the economy. It seemed like government intervention was needed for countries to prosper. Again, Keynesian economics is capitalist just like Liberal economics but instead of a free market, government spending is regulated.

References


1. Christison, Fielding, Harding, Meston, Smith, Zook, (2009). Perspectives on Ideology (pp. 215-216)
Canada, Ontario: Oxford University Press.

2. Post-World War II economic expansion (March 9 2012) From Wikipedia, the free encyclopedia
Retrieved March 15, 2012 from http://en.wikipedia.org/wiki/Post%E2%80%93World_War_II_economic_expansion

3. Bretton Woods system (March 13 2012) From Wikipedia, the free encyclopedia
Retrieved March 15, 2012 fromhttp://en.wikipedia.org/wiki/Bretton_Woods_system

4.Retrieved from http://www.time.com/time/business/article/0,8599,1852254,00.html

5. Retrieved from http://www.cbc.ca/news/technology/story/2009/07/15/f-internet-traffic-management-crtc-hearings.html