Date of Original Version



Conference Proceeding

Abstract or Description

The years 1950 to 1980 appear in retrospect as a period of above average growth for most by the world's market economies. More people in more countries experienced increases in their standards of living than at any time in recorded history. World trade expanded faster than world output, increasing the efficiency of the world economy. Improvements in technology that reduced costs of transport and communication played a role. Sufficient political stability to prevent a major war encouraged many countries to direct efforts toward growth and away from war and costly rivalries.


Keynote address prepared for the Fourth International Conference, Institute for Monetary and Economic Studies, Bank of Japan