<P> The 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 strong economic growth beginning after World War II and ending with the 1973 -- 75 recession . The United States , Soviet Union , Western European and East Asian countries in particular experienced unusually high and sustained growth , together with full employment . Contrary to early predictions , this high growth also included many countries that had been devastated by the war , such as Japan ( Japanese post-war economic miracle ) , West Germany and Austria ( Wirtschaftswunder ) , France ( Trente Glorieuses ) , Italy ( Italian economic miracle ) , Greece ( Greek economic miracle ) , Taiwan ( Taiwan Miracle ) and South Korea ( Miracle of the Han River ) . </P>
what was the main characteristic of post-world war ii american society
unusually high and sustained growth , together with full employment