PSY 145 Chapter Notes - Chapter 3: International Development Association, Soft Loan, General Agreement On Tariffs And Trade
Document Summary
Yet their impact on economic management in the developing world remains important. Industrial nations grew about twice as quickly in the first 25 years after world. War ii (1945-70) than in any comparable period before or after. Regional production in western european countries rose 4. 4 percent a year in the. The equivalent annual growth rates in the united states were 3. 2 percent and 4. 3 percent, and in japan, 9. 5 percent and 10. 5 percent. Developed countries, too, have risen at appropriate rates, usually 5-6 percent annually. These strong rates of gnp growth are in sharp contrast to the somewhat pallid performance of the last decades. The more open trade system established under the gatt rules has been of significant assistance. In the 1950s and 1960s, the annual export growth rate was impressive: 17 percent in japan, 12 percent in west germany and 5 percent in the us. The rapid growth in trade continued to drive rapid economic expansion.
