During the "Golden Age of Capitalism", from 1950 to 1973, GDP grew by annual averages of just under five percent in Western Europe*, four percent in the U.S., and ten percent in Japan. This period of prosperity came to an end with the recession of 1973-1975, however GDP growth rates did not return to their previous levels when the recession ended, as growth was fairly sporadic in the 1970s and then much slower throughout the 1980s. From 1973 to 1987, GDP grew annually at just two fifth of the Golden Age's rate in Europe and Japan, while the U.S.' annual rates were somewhat closer.
One major difference between the two given periods was that the U.S. was the dominant and most influential economy of all developed (non-communist) countries in the 1950s and 1960s, however, the 1970s and 1980s saw Japan and the European Communities (led by West Germany and France) emerge as major economic powers in their own right. While the U.S. remained the most powerful country in the world, other developed nations became more economically autonomous, and began asserting their own influence internationally.
Average annual GDP growth rate in the U.S., Japan and Europe in the periods 1950-73 and 1973-87
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Routledge. (December 31, 1991). Average annual GDP growth rate in the U.S., Japan and Europe in the periods 1950-73 and 1973-87 [Graph]. In Statista. Retrieved September 01, 2024, from https://www.statista.com/statistics/1234645/gdp-growth-us-japan-europe-1950-1987/
Routledge. "Average annual GDP growth rate in the U.S., Japan and Europe in the periods 1950-73 and 1973-87." Chart. December 31, 1991. Statista. Accessed September 01, 2024. https://www.statista.com/statistics/1234645/gdp-growth-us-japan-europe-1950-1987/
Routledge. (1991). Average annual GDP growth rate in the U.S., Japan and Europe in the periods 1950-73 and 1973-87. Statista. Statista Inc.. Accessed: September 01, 2024. https://www.statista.com/statistics/1234645/gdp-growth-us-japan-europe-1950-1987/
Routledge. "Average Annual Gdp Growth Rate in The U.S., Japan and Europe in The Periods 1950-73 and 1973-87." Statista, Statista Inc., 31 Dec 1991, https://www.statista.com/statistics/1234645/gdp-growth-us-japan-europe-1950-1987/
Routledge, Average annual GDP growth rate in the U.S., Japan and Europe in the periods 1950-73 and 1973-87 Statista, https://www.statista.com/statistics/1234645/gdp-growth-us-japan-europe-1950-1987/ (last visited September 01, 2024)
Average annual GDP growth rate in the U.S., Japan and Europe in the periods 1950-73 and 1973-87 [Graph], Routledge, December 31, 1991. [Online]. Available: https://www.statista.com/statistics/1234645/gdp-growth-us-japan-europe-1950-1987/