Cold War Essay

429 Words2 Pages

The Cold war, the political conflicts, economic contest and military tension between the US and Soviet Union, was incubated and started from 1945. It started because of the suspicion between them and it lasted for nearly half a century. During this half century, the reconstruction in different aspects had being rapid develop all over the world, especially in Europe. Thus, cold war is an important phase of the development of nowadays society. People even said that the time period from 1950 to 1969 was a ‘golden age’ for the Western Europe. Golden age refers to a peace and prosperous era that people lived with pleasure in Greek mythology. It can also define as the period of time when an activity is reaching the peak; a period during something …show more content…

The Economic Coal and Steel Community (ECSC) founded in 1952, created a common market for the raw material: coal and steel. The European Economic Community and the European Free Trade Association were established in 1957 and 1960 respectively. The establishment of these organizations encouraged the association among some of the western European countries, like France, West Germany and Italy etc. They can benefit each other by supplying raw material, getting rid of the tariff among the member-state, setting up a common external tariff and agricultural policy. It became a channel between those countries for peaceful and rational communication. It boosted the economy and it encouraged the equalization of factor price (Young, 2009). The significant growth of GDP in 1950s to 1960s can show the economic growth in the western country (Broadberry & O’Rourke, 2010). In 1950s, the GDP growth over 4% in average per year, it nearly raised to 5% in average each year in 1960s (Marglin & Schor, 1990; IMF). Other than the significant growth of GDP, the decline of unemployment rate also showed that the economy improved from 1950s to 1960s. The unemployment in West German dropped from 10% to 3% after the establishment of ECSC. Although one of the biggest Europe countries Britain did not take part in those organizations that mentioned above, it was a millstone to the economic integration in Western

More about Cold War Essay

Open Document