3 ms·
It was prosperous because of (IMHO): * Political stability: As we are re-learning, that is necessary for everything. * Economic stability * Large productivit
by wolverine876 4y ago
It was prosperous because of (IMHO):
* Political stability: As we are re-learning, that is necessary for everything.
* Economic stability
* Large productivity improvements due to the IT revolution
The bubble was only one small part of it for one sector of the economy, afaik. When it popped, we didn't reset to 1992; most or even all of the gains remained (was there even a quarter of negative GDP?).
- sangnoir 4y agoAdding to your points * Globalization/off-shoring * The west had growing share of higher-paying service jobs * New markets in Eastern europe and China * Increasing disposable income at home. The rust-belt wasn't rusty yet.
- wolverine876 4y agoGood points; I wasn't very thorough at all. > Increasing disposable income at home. The rust-belt wasn't rusty yet. This one I don't know about. The term 'rust belt' goes back to the 1980s.