World War II was a period of great prosperity for American agriculture. The per capita net income of farms (calculated in 196 dollars) was $1,714 in 194, rose to $3,677 in 1946 and reached $4,5 in 197. During this period, agriculture realized a high degree of mechanization, electrification, chemicalization and improved varieties. Specialization and socialization have been realized in management. The number of large farms over 5 acres increased from 265, in 194 to 367, in 1969. This kind of farm only accounted for 1/25 at the beginning of World War II, and now it has accounted for 1/7. Agricultural labor productivity has increased rapidly. In 195, each farmer could support 15.5 people, which increased to 25.8 in 196 and 47.1 in 197. From 1947 to 197, the agricultural population in the United States decreased by 2/3, from 1/6 to 1/2 of the total population, while the agricultural and livestock products in the United States ranked first in the world. In 197, corn produced in the world accounted for 43%, soybeans accounted for 74% and animal fats accounted for 57.2%. The United States is the largest grain exporter in the world.
American foreign trade and capital export have also expanded rapidly. From 1946 to 195, the average annual export was $11.829 billion, the import was $6.659 billion, and the surplus was $5.17 billion. In 197, the export volume increased to US$ 43.224 billion, while the import volume was US$ 39.9516 billion, with a surplus of US$ 3.2724 billion. In the early postwar period, American export trade accounted for about one-third of the total export of the capitalist world, but since then, the proportion of American exports has shown a downward trend, falling to 15.5% in 197. In 1971, the United States had its first foreign trade deficit. After the war, the United States became the largest capital exporter in the world, and its capital output expanded rapidly. The total capital output soared from $11.5 billion in 1938 to $155.5 billion in 197 (of which private direct investment accounted for $78.1 billion). From 196 to 197, the United States made a huge profit of $62.3 billion from direct investment alone.
the main reason for the rapid economic development in the United States in the 195s and 196s is that the third scientific and technological revolution in the world profoundly affected all fields of social economy, promoted the technological transformation of old industrial sectors, the development of new industrial sectors and the emergence of a series of new technologies and products. The scientific and technological revolution has greatly promoted the improvement of labor productivity, reduced production costs and increased output. In 193s, the industrial productivity only increased by about 2%, and from 195 to 197 it increased by 94%. In 193s, the agricultural output per person per hour did not change, but the growth rate was 43% from 194 to 197. Second, the militarization of the national economy is a prominent feature of the American economy during this period. The Korean War in the 195s and the Indian-zhina War in the 196s kept the country's military expenditure high for a long time, which stimulated the growth of the economy, especially the military-related economic sectors. Third, the government develops state monopoly capitalism, the power of capital is combined with the power of the state, and the state regulates the economy and implements some social and economic improvements, which has stimulated economic growth and eased the development of the economic crisis in a certain period of time. Fourthly, the growth of American industrial production in this period is inseparable from the rapid growth of monopoly capital profits and the increasing investment. The profits of American companies after tax were $5.28 billion in 1937, $2.19 billion in 1947 and $54.62 billion in 1972, ten times as much as before the war. The expansion of profits has led to the expansion of investment. The fixed capital investment of American private enterprises was $59.7 billion in 1951-196 and $92.8 billion in 1961-197 at 1972 prices. The increase in investment has continuously expanded reproduction. In addition, American monopoly capital, through foreign aid, foreign investment and foreign trade, strengthened foreign economic expansion, plundered raw materials and fuels of other countries, dumped surplus commodities and passed on the economic crisis, which was also an important factor to maintain economic growth in this period.
however, the factors that maintained the rapid economic development of the United States in the 195s and 196s also contained profound internal contradictions under the capitalist imperialist system. Militarization of national economy and credit expansion supported industrial growth, but weakened the foundation for further industrial growth, aggravated various contradictions in capitalist economy, and caused frequent economic crises. There have been four economic crises in these 2 years. The crisis from March 1953 to April 1954 was the first American economic crisis in the 195s. A crisis from March 1957 to April 1958 and a crisis from February 196 to February 1961 were less than two years apart, which was the shortest cycle in American history. The expansion of the Indo-zhina War in the 196s once delayed the outbreak of the crisis, resulting in the longest economic cycle in postwar American history, which lasted for 14 months from 1961 to 1969, but the crisis finally broke out in October 1969, the climax of the Indo-China War. The economic crisis in 195s and 196s lasted for 8 ~ 14 months each time, and industrial production declined by 8.1% ~ 13.5%. Economic crisis is often intertwined with the deterioration of financial situation and the dollar crisis. As early as October 196, the first dollar crisis broke out. In the London market, the dollar depreciated and the price of gold rose. A wave of selling dollars and snapping up gold followed around the world. With the support of the Bank of England, the United States calmed the tide and weathered the storm. By July 197, a new and more serious dollar crisis broke out. At this time, the gold reserves of the United States fell to $1.2 billion, only 1/5 of the current foreign debt ($51 billion). The Nixon administration announced that it would stop central banks from exchanging gold with the United States. At the end of the year, the US dollar was forced to depreciate by 7.89%, that is, the legal exchange rate was changed from 35 US dollars to 38 US dollars for 1 ounce of gold. Even in the prosperous 196s, the number of unemployed people in the United States was still around 3 million, and it increased to 4-5 million after 197s. The operating rate of enterprises is often seriously insufficient.
the crisis stagflation in the 197s and the development in the 198s
From December p>1973 to April 1975, the worst post-war economic crisis occurred in the United States. This is a worldwide crisis, which started in Britain and later spread to the United States, Western Europe and Japan. During the crisis, the industrial production of the whole capitalist world declined by 8.1%. The industrial production in the United States dropped by 13.8%, the gross national product dropped by 7.8%, and the national unemployed population reached 8.5 million, with an unemployment rate of 8.9%. A feature of this crisis is that prices continue to rise. During the crisis, the consumer price index in the United States rose by 15.3%.
after the crisis reached its climax in the first half of p>1975, the economic growth rate in the United States was slow, and there was a trend of relative stagnation and inflation. Western economists call this phenomenon stagflation.
during the stagflation period, the economic development speed was much slower than that in the 195s and 196s, and the journey was tortuous, so there was no overall economic upsurge. After the gross national product returned to its pre-crisis peak in 1976, the economic growth rate declined year by year. From 1971 to 198, the average annual growth rate of national income was only 3.1%. The main reason for this phenomenon is the slow investment in fixed capital. In the case of a large surplus of production equipment, economic recovery basically depends on the increase of consumer demand, and there is no large-scale productive investment climax. The sluggish investment in fixed capital has seriously affected the economic growth rate.
economic stagflation leads to the existence of a large number of unemployed people. In 1978, there were 6.5 million unemployed people in the United States, much higher than before the crisis. Another serious problem is inflation. In 195s and 196s, capitalist countries adopted Keynesian theory, implemented expansionary financial policies, relaxed monetary policy, encouraged investment and consumption, and continuously expanded the money supply. This practice has played a certain role in preventing crisis and promoting economic development. By the 197s, with low growth and high unemployment, inflation became increasingly serious, reaching about 7%. The dominance of the dollar in the financial market is also losing. From October 1977 to November 1978, there were eight consecutive dollar crises. In 1979, there was another wave of buying gold. At the beginning of the year, an ounce of gold was exchanged for $218, and it was as high as $375 on January 21, 198.
in February p>198, the United States fell into economic crisis again. Industrial production dropped by 11.8%, which was smaller than that of the crisis from 1973 to 1975. However, this crisis did not occur after experiencing prosperity, but on the basis of stagflation, so it is still serious. The unemployment rate rose to the highest level since the Great Crisis in the 193s, reaching 1.8%, and the number of unemployed people reached more than 12 million. The inflation rate has reached double digits. The crisis lasted about three years.
in 197s, American economy was in crisis and stagflation for a long time, which was caused by various international and domestic factors. One is the law of unbalanced development in capitalist countries. The economic strength of western Europe and Japan has risen, and the United States has gradually lost its advantage of dominating the world market for 2 years after the war. In 1948, the proportion of American industry in the capitalist world reached 53.9%, exceeding the sum of other capitalist countries, and fell to 4.9% in 197. In 1947, American exports accounted for one-third of the total exports of the capitalist world, and in 197 it fell to 15.5%. In the struggle for the world market, the United States is gradually at a disadvantage. Since 1965, Japan, the Federal Republic of Germany and Canada have successively exported more to the United States than imported from the United States. Second, the impact of economic restructuring. The output of some new products created by the technological revolution in the post-war period has been expanding, which has gradually saturated the market, such as household appliances and electronic products. On the other hand, it will take time for some new achievements, new technologies, new processes and new products to form huge economic benefits, and they cannot replace traditional industries in decline. It will take time for these "sunset" industries to undergo new technological transformation. This phenomenon of "stagnation" in the adjustment of alternating changes between the old and the new is different from the traditional periodic crisis. It is not only a danger, but also an opportunity, both a crisis and a turning point. Third, the law of pursuing maximum profit makes American capital expand to the world, seeking cheap raw materials and cheap labor. American foreign assets rose from $54.4 billion in 195 to $165.5 billion in 197, more than tripling. However, domestic traditional industries, such as automobiles and steel, are reluctant to invest in upgrading due to high wages and low profits, resulting in slow growth of labor productivity and weakening the foundation and competitiveness of traditional industries. Fourth, the Third World jointly launched an anti-hegemony struggle to safeguard resources. Since 1973, the Organization of Petroleum Exporting Countries has launched an "oil war" and raised prices three times in a row. In 195, the price of crude oil was $1.71 per barrel, which rose to $5.11 in 1973 and reached the peak of $34 in October 1981. The "oil war" ended the era of cheap oil resources conducive to the economic development of the United States and aggravated the energy crisis in the United States. In 197, the United States imported 1.157 billion barrels of oil, which rose to 3.13 billion barrels in 1977, accounting for 46.4% of the consumption. Oil is the driving force of industry and agriculture, and the price increase of oil leads to the rise of the whole price. Fifth, the loss of the hegemony of the dollar. After the war, the United States, by virtue of its absolute superiority, established an international financial and monetary system centered on the US dollar, from which it gained many benefits. However, in the 197s, the dollar depreciated repeatedly and many crises occurred, which had to have an impact on economic stagflation.
However, since the 197s, the economic development level of the United States still ranks first in the world. In terms of 1972 dollars, the gross national product of the United States was $1,75 billion in 197 and $1,48.7 billion in 198, an increase of 37.7% in ten years. In 197, the national income was 79.