However a devotee of the Austrian school would probably argue that other factors created the economic growth which carried on in spite of the high level of Gov't Intervention. Such "other" factors would be the lack of a real economic competitor till the late 1960's early 1970's, the fact that the US had 90% of the world's wealth or something. The Dollar was at astronomically high values cause Eurpean countries gave us there gold supply in exchange for Dollars to rebuild there economies. While at the same time being the only industrial power untouched by the war our products dominated the world market. Many of these factor began to disappear in the late 60's and early seventies leading to the 1970's economy of growing competition, inflation, and a declining dollar.
The Golden Age of Capitalism was not only golden in the United States you know...
Precisely! The real proof of the delights of Keynesianism is seen not only in the US, but in
every other developed country.
It really is mind-boggling that the right-wingers continue to oppose Keynesianism purely out of spite.
