Long boom
Encyclopedia
Long boom is a term used to refer to various long periods of economic growth
. Most commonly, it refers to these two distinct periods of economic growth:
It may also refer to other periods, such as the mid 1980s–2000s period, contemporary with The Great Moderation
.
Economic growth
In economics, economic growth is defined as the increasing capacity of the economy to satisfy the wants of goods and services of the members of society. Economic growth is enabled by increases in productivity, which lowers the inputs for a given amount of output. Lowered costs increase demand...
. Most commonly, it refers to these two distinct periods of economic growth:
- The post-World War II economic expansionPost-World War II economic expansionThe post–World War II economic expansion, also known as the postwar economic boom, the long boom, and the Golden Age of Capitalism, was a period of economic prosperity in the mid 20th century, which occurred mainly in western countries, followed the end of World War II in 1945, and lasted until the...
- the sustained global period of economic growth following the Second World War from 1945 until the 1973 oil crisis1973 oil crisisThe 1973 oil crisis started in October 1973, when the members of Organization of Arab Petroleum Exporting Countries or the OAPEC proclaimed an oil embargo. This was "in response to the U.S. decision to re-supply the Israeli military" during the Yom Kippur war. It lasted until March 1974. With the... - The 1990s United States boom1990s United States boomThe 1990s boom in the United States of America was a period of economic prosperity, largely coinciding with the presidency of Bill Clinton and the Republican Revolution.- The "long boom" :The term "long boom" was also used during the 1990s when the U.S...
It may also refer to other periods, such as the mid 1980s–2000s period, contemporary with The Great Moderation
The Great Moderation
In economics, the Great Moderation refers to a reduction in the volatility of business cycle fluctuations starting in the mid-1980s, believed to have been caused by institutional and structural changes in developed nations in the later part of the twentieth century...
.