The Golden Age of Global Economic Growth 1950–1970: Characteristics, Dimensions and Impacts on European Countries

This paper examines the period of rapid economic growth that followed World War II. The main focus of the analysis is on the factors that contributed to this era of prosperity, including economic reconstruction through the Marshall Plan, Keynesian policies of full employment and state intervention, and technological advancements that increased productivity and boosted international trade. At the same time, the paper explores the expansion of the welfare state, which improved living conditions, raised wages, and ensured social stability. The present research analyses economic inequalities between social groups and countries, the intersection between environmental degradation and intense industrial development, and structural weaknesses that arose during the studied period. Particular reference is also made to the social and political tensions associated with the labor movement and the rise in social demands, as well as the geopolitical challenges of the Cold War. Finally, the paper connects the Golden Age with the subsequent economic instability of the 1970s, marked by the collapse of the Bretton Woods system and the oil crises. While the 1950–1970 period left a positive legacy, it also revealed the limitations of a development model that was not entirely sustainable, leading to a gradual transition towards a new economic reality.