Definition of The Great Prosperity
What is the definition of the term "The Great Prosperity"? What does the term "Great Prosperity" mean?
The term "The Great Prosperity" refers to the period of 1947-1979 when many countries (especially the United States) saw their private work forces enjoy an unprecedented increase in their standards of living.
Wages and overall compensation steadily trended higher between the years of 1947 and 1979. Homes were built throughout the country, goods and services were bought at an increasing pace and the stock markets steadily trended higher as the nightmare of the "Great Depression" and World War II moved further and further away in the rearview mirror.
Economic gains in the country were more evenly distributed than they are in current times due to the fact that wages and overall compensation for the private sector work force grew so fast.
The "Great Prosperity" is thought to have ended in the late '70s, but some economists believe that it ended during the 1973 oil crisis.
As wage and compensation increases slowed in the country, many families tried to maintain their lifestyles by relying more and more heavily on credit. This reliance on credit was one of the major catalysts of the "Great Recession" of 2007-2009.
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