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Birthing Pains For A Multipolar World
Authored by Adam Sharp via DailyReckoning.com,
After World War 2, the U.S. emerged as the only major power with its industrial base intact.
Europe, the USSR, and Japan were all devastated.
The Soviet Union alone had 26 million deaths due to the war. The rest of Europe had approximately another 20 million. Japan lost around 3 million.
All the major powers' infrastructure had been annihilated. Except for America.
Even before the war, the U.S. was the eminent economic power of the world. But this advantage increased significantly following WW2. After all, it was American ships, tanks, guns, and bombs that turned the tide.
B-24 bomber production line at Ford's Willow Run plant
In 1945, America produced 50% of global industrial output. With just 6% of world population.
By 1947 the bulk of military production lines had switched to civilian goods. Lines that were producing tanks switched to cars and appliances. Factories that were churning out bombers switched ...