There's a bigger underlying market condition from 1949: World War 2. Most of the industrialized world had been decimated. Continental Europe had been marched a

There's a bigger underlying market condition from 1949: World War 2. Most of the industrialized world had been decimated. Continental Europe had been marched all over with bridges and factories destroyed. The UK was crippled and barely hanging on. Japan had destroyed huge swathes of China and the US nuked Japan. On the Allies side, morale was high and the US was lending to the world to rebuild. Even better - economically - initially those countries had little production capability so they were consuming more than they were producing. The US was guaranteed to win economically because we were the only one in the race. By the 70s, much of the world was back on its feet and quickly improving even becoming competitive in numerous areas.