The most important factor changed over time. US leadership and reconstruction dominated early; MNCs, Japan and the wider world mattered more later.
The syllabus asks you to evaluate the factors "over time". The best essays compare periods instead of treating 1945 to 2000 as one block.
1945 to 1973: reconstruction, US leadership and the Bretton Woods system worked together. Growth was fastest in this period.
1973 to 1990: growth slowed after the oil crises. Japan, the newly industrialising economies of East Asia and MNC investment became more important sources of growth.
1990 to 2000: the end of the Cold War opened Eastern Europe, China and India further to world markets. The WTO, MNC production networks and information technology drove a new wave of globalisation.
The factors depended on each other. MNCs needed open trade rules. Those rules depended on US leadership. US leadership worked because Europe and Japan used the openings it created.
- Golden Age
- 1950-1973.
- Slower growth
- After 1973, with the oil crises.
- Globalisation
- 1990s: end of the Cold War, WTO, information technology.
Worked example: Setting up a judgement
How can you argue for one main factor?
- Criterion: which factor made the others possible?
- Case for the USA: it built the rules and supplied the money.
- Case against: its role declined after 1971 while others grew.
- Judgement: US leadership was the foundation, but not enough on its own.
Watch out for this
One factor was most important for the whole period.
The balance shifted. US leadership mattered most early on, while MNCs, Japan and the WTO mattered more later.
Check your understanding
Which period saw the fastest global growth?
- 1950-1973
- 1973-1990
- 1990-2000