The Pacific War and the Second Golden Age
The Pacific War and the Second Golden Age
This chapter details how the Second World War imparted a more favorable shock to the economy than the First. The postwar international economic environment was much more conducive to raising incomes than it had been after 1919. In the 1950s, prosperity was further underpinned by the Korean War wool boom, and by an intensification of the process of import substituting industrialization. In further narrowing the focus to civilian consumption, the massive diversion of resources into the defense sector predictably resulted in a decline in consumption expenditure per capita during both wars, but by less during the Second World War. With this caveat, it seems appropriate to describe the Second World War as delivering on balance a positive shock to the Australian economy.
Keywords: Second World War, postwar economic environment, prosperity, Korean War, wool boom, import process, civilian consumption
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