Economic Miracle
Definition
An Economic Miracle refers to an unexpected or surprising period of dramatic economic growth within a country.
Analogy
Imagine if you planted some seeds in your garden expecting them to grow slowly over time but instead they sprouted into full-grown plants overnight! That's similar to an Economic Miracle - it's when an economy grows at an unexpectedly fast rate.
Related terms
Wirtschaftswunder: The rapid reconstruction and development of economies in West Germany and Austria after World War II (adopted from German for "economic miracle").
Post-War Boom: Period characterized by unprecedented economic growth following World War II.
Industrialization: The process by which an economy is transformed from primarily agricultural to one based on manufacturing goods.
"Economic Miracle" appears in:
Study guides (1)
Practice Questions (7)
What was the primary reason for West Germany's "economic miracle" in the post-World War II period?
What was the name given to the economic miracle that occurred in West Germany following WWII?
Which country experienced an "economic miracle" during its reconstruction phase after World War II?
What was a significant consequence of the "economic miracle" in West Germany after World War II?
What was one main driving factor behind the economic miracle in Western Europe post-WWII?
What was the main view held by free-market economists regarding the "economic miracle" in Germany after WWII?
In what year did West Germany begin its "economic miracle" recovery after World War II?
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