19451990: The Cold War

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19451990: The Cold War

Post  kosovohp on Fri Oct 22, 2010 10:53 pm

After World War II the economy of the UK was in a state of ruin,[157] and continued to suffer relative economic decline in the following decades.[158] Italy was also in a poor economic condition but regained a high level of growth by the 1950s. West Germany recovered quickly and had doubled production from pre-war levels by the 1950s.[159] France also staged a remarkable comeback enjoying rapid growth and modernisation; later on Spain, under the leadership of Franco, also recovered, and the nation recorded huge unprecedented economic growth beginning in the 1960s in what is called the Spanish miracle.[160] The majority of Eastern European states came under the control of the USSR and thus were members of the Council for Mutual Economic Assistance (COMECON).[161]

The states which retained a free-market system were given a large amount of aid by the United States under the Marshall Plan.[162] The western states moved to link their economies together, providing the basis for the EU and increasing cross border trade. This helped them to enjoy rapidly improving economies, while those states in COMECON were struggling in a large part due to the cost of the Cold War. Until 1990, the European Community was expanded from 6 founding members to 12. The emphasis placed on resurrecting the West German economy led to it overtaking the UK as Europe's largest economy.

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