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Germany and Japan experienced faster economic growth than the U.S. in the 1950s and 1960s due to lower initial capital stocks post-WWII, higher growth rates in total factor productivity, and effective policy choices such as export-led growth. The U.S. economy was already mature and growing at a steady rate, while Germany and Japan capitalized on reconstruction and innovation. These differences in growth rates were not indicative of a fundamental defect in the U.S. economy.

Author

raghavgoyal2007

Language

EN