Final answer:
The economic growth between 1900 and 1950 was part of the modern economic growth period starting around 1870, with Western Europe and North America's economies expanding significantly due to factors like the Industrial Revolution, which increased productivity and trade.
Step-by-step explanation:
The stage of economic growth between the years 1900 and 1950 can best be described as part of the period of modern economic growth, which began around 1870. During this era, there was a remarkable transformation in the leading economies of Western Europe and North America, which saw an expansion of GDP per capita at an average rate of roughly 2% per year. This growth was a result of several factors, including the Industrial Revolution, which significantly increased worker productivity and trade.
Prior to this period, the average person’s standard of living had remained stagnant for centuries, with only the elite experiencing a level of wealth above subsistence. However, the turn of the nineteenth century marked a departure from this trend, ushering in a sustained period of economic expansion. The growth during 1900 to 1950 leveraged advancements in technology, enhancements in physical capital, and the development of better governance and market institutions.
The impact of modern economic growth was profound, setting the foundation for the advanced economies we see today. This period also showcased the potential for emerging economies like Japan, South Korea, and China to catch up with the established Western nations, demonstrating a global shift in economic development patterns. The economic stage from 1900 to 1950 was indeed characterized by the continued rise and spread of economic prosperity due to modern economic growth.