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...
But haven't learned anything else from this forum that the only economy to judge policies upon is the United States. No other countries matter (cf. Any thread on the Great Depression, New Deal, etc).
