The Golden Age of Industrialization
Chapter 5 examines the postwar golden age of industrialization from 1940 to 1970 and the process of catching up that it made possible. This era is divided into three periods: the war boom up to 1945 during which industrial expansion was driven by exports, the period of growth with a devaluation-inflation cycle from 1946 to 1955, and the gem of the golden age from 1956 to 1970 in which an acceleration of economic and industrial growth was reconciled with low inflation and balance of payments stability. The chapter reviews the development policy framework that generated the rapid progress of the economy as well as the sources of productive capacity expansion, overall productivity growth, and factor accumulation, and places the outstanding growth performance in an international comparative perspective.
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