Economic aftermath Aftermath of World War II

by end of war, european economy had collapsed 70% of industrial infrastructure destroyed. property damage in soviet union consisted of complete or partial destruction of 1,710 cities , towns, 70,000 villages/hamlets, , 31,850 industrial establishments. strength of economic recovery following war varied throughout world, though in general quite robust, particularly in united states.

in europe, west germany, after having continued decline economically during first years of allied occupation, later experienced remarkable recovery, , had end of 1950s doubled production pre-war levels. italy came out of war in poor economic condition, 1950s, italian economy marked stability , high growth. france rebounded , enjoyed rapid economic growth , modernisation under monnet plan. uk, contrast, in state of economic ruin after war , continued experience relative economic decline decades follow.

the soviet union experienced rapid increase in production in immediate post-war era. japan experienced rapid economic growth, becoming 1 of powerful economies in world 1980s. china, following conclusion of civil war, bankrupt. 1953, economic restoration seemed successful production had resumed pre-war levels. growth rate persisted, though interrupted economic experiments during disastrous great leap forward.

at end of war, united states produced half of world s industrial output. us, of course, had been spared industrial , civilian devastation. further, of pre-war industry had been converted wartime usage. result, industrial , civilian base in better shape of world, embarked on economic expansion unseen in human history. gross domestic product increased $228 billion in 1945 under $1.7 trillion in 1975.