World War II : A New Age Of Capitalism

1255 WordsApr 3, 20176 Pages
Americas position that it had acquired post World War 2 led the formation of the Global Economic system through reconstructing other nations and molding them to have strong economics, implementing new economic theories, and bringing the world into a new age of capitalism. After World War Two, America was one of the only nations that had its manufacturing power relatively unscathed. Even allied forces such as those in Europe were devastated by the war due to their proximity to the battlefield. This faired well in the U.S giving them an incredible opportunity to lead the reconstruction of the world. America capitalized on this and stepped in as the proverbial savior of the world and reached a hand out to those struggling countries by…show more content…
Taxes were lowered and the free market had become a thing of beauty for a flourishing economy. Because of this new form of capitalist governance; multiple strong holds, capital stock, innovation, labor and raw materials had all been utilized in a different light than before. This led us to the beginning of what was known as the Golden Age of Capitalism. This age brought forth one of the biggest worldwide economic booms that would leave trace amounts of growth up until the early seventies. Now because of the momentum that the United States was gaining, they were clearly the most fiscally stable, they had the power and capability to enforce rules, and had a commitment to the world to repair the economy. These three attributes are considered absolutely necessary to become a hegemony. A hegemony is defined as a leadership or dominance, especially by one country or social group over others. Competition at this time period was close to non existent because of the economic boom that the golden age of capitalism brought. By being the sole choice due to their global power position (more clearly, their position on the petroleum and competition with the USSR) America helped the introduction of the Hegemony stability theory. This theory states that the global economy of the world would be better off if there was a singular dominant world power. The

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