This is Module Two, there'll be Part Four, in which we're asking, is globalization new? We've been looking at history, and we've kind of covered the first 50 years, to the 20th century. What we're going to do today, or now, is we're going to start in the 1950s. And talk about that period's impact on where we are today in, in the globalized, heavily globalized world. So we've been talking about after World War II, there was this major push on the part of world leaders to bring peace. There was there were agreements signed such as the GATT, or the General Agreement on Tariffs and Trade. The United States and the Soviet Union remained, at that time, as the only major superpowers, and part of the exploration for peace. That started in the 1950s, was the Cold War between these two superpowers. And the, the war was really an ideological war. Over what was the best way to produce goods and services in a society. What was the best way to allocate resources? Who was best responsible for the productive means or capacity in a society. And was it better for the government or private entities to to run those types of things? And so it was a great battle that continued well into the 1980s. During that period, many countries embraced, at different periods different views on what was the best economic system to ensure growth for their citizens. And ultimately, to ensure peace. And so one model that was more free market oriented developed and another model that was more socially oriented type of economy developed. And in that period, the United States embracing more of a free market model. Was really the only country that was left standing that had the ability to produce. In, in the private sector goods and services. And so there was a major boom in the 1950s in the United States economy, and exports from the United States boomed as well. Because there weren't may private companies in Europe or Japan for example at the time, that had the ability to produce. They were rebuilding their, their economies. They were rebuilding all the factories and plants that had been bombed and destroyed. And so, if you wanted to buy something in this world in the 1950s, like a refrigerator or a car. You had a good chance that you were buying it if you were buying it in the open market from, from the United States. .Fom a company that was manufacturing and head quartered in the United States. And so this actually lead to a period of somewhat overconfidence in the part of the United States. Because by the 1960's and 70's European economies and the economies such as Japan were rapidly growing, and had private companies producing goods and services. But at the time the United States was experiencing this great, this great period of boom in manufacturing and exports. There was a lot of pent-up demand on that part of the world. Soldiers had returned home. Manufacturing plants that had been used to produce arms or ammunition were now being used to make cars or washing machines or refrigerators. And demand that had been set aside because the world was at war, was now embraced and, people wanted to buy things again. And so you can see, as we return back to this graph a boom, or a rapid increase. In the late 1940s, 1950s period, or early 1950s period in exports from the United States. and, and this is this is what we've just discussed, the Ys of this occurring. And so it was was a great time of of growth for the world economy as peace flourished. It was to be short lived as conflict and economic problems were to return in the 1960s and 1970s. But this is, is a period where the world got back to work and stopped fight at least for a little while for the most part. So this ends Part Four of Module Two, Is Globalization New? Next time, we'll look at the 1980s as the beginning point of the major boom in today's globalized world. Thank you.
