Money; Whence It Came, Where It Went (2017)

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Money: Whence it Came, Where it Went CHAPTER 18 GOOD YEARS: THE PREPARATION The twenty years from 1948 through 1967 may well be celebrated by historians as the most benign era in the history of the industrial economy, as also of economics. The two decades were without panic, crisis, depression or more than minor recession. In only two years, 1954 and 1958, did output fail to expand in the United States. It was during these decades that the new term Gross National Product, or GNP, entered the lan…