Tag Archives: productivity

How economic boom times in the West came to an end

Out of the chaos of World War II came the greatest economic boom the world has ever seen. Fueled by a rapidly modernizing workforce, productivity increased in the years between 1948 and 1973. Then war in the Middle East and the oil embargo put a stop the boom and the productivity increase.

But it wasn’t just the oil crisis. The improvements in education, the transfer of workers into manufacturing and the move of women into the workforce had all peaked. Despite minor blips here and there the sad fact is productivity has not significantly increased since 1973, there’s simply no more improvement to be gained.

Countries that elected left-leaning governments tried electing right-leaning governments in hope of changing things. It didn’t work. The old ways simply don’t work and no knows what will. Keep this in mind as the year progresses.