Web <2020> Exhibit 2 Exhibit <2> of <6> Per capita GDP growth also was strong from 1950 to 1970. Per capita GDP growth also was strong from 1950 to 1970. 1 Per capita GDP, constant 1990 $ thousand CAGR, % 1† nited States  ƒrance „ nited …ingdom  10 ‚erman­ † ‡tal­ † † ˆapan ‰ 0 19†0 19‹0 19Š0 1Compound annual growth rate. Source: Maddison Project Dataase 010 ni ersit­ o€ ‚roningen were conspicuous in their success. Technologies The French have a phrase for it—“les trente developed for war were adapted for peace-time glorieuses,” or the “glorious 30”—the period use. Poverty, government debt, and inequality fell, from 1945 to 1975 in which faster growth, greater while living standards improved and prosperity productivity, higher wages, and generous social spread broadly. benefits transformed the country. The German term is “wirtschaftswunder,” or economic miracle, and In this article, we address two questions. First, the Italian is similar, “il miracolo economico.” In what accounted for this record of inclusive growth, 1964, a rebuilt Japan successfully hosted the sustained for more than two decades? And second, Tokyo Olympics. while acknowledging that the world has changed enormously since 1945, are there ideas and actions The coronavirus pandemic is not nearly on the scale taken then that can inspire us now? of the tragedy of World War II, in which an estimated 60 million people died and many cities were leveled. But COVID-19 has killed more than 600,000 people The lessons of the past: Factors behind so far and shut down huge swathes of the global postwar recovery economy, with all the suffering that implies. By any standard, that constitutes a global catastrophe. So When everybody else thinks it’s the end, we have it may be useful to think about how Western Europe, to begin. Japan, and the United States recovered from a —Konrad Adenauer, chancellor of West Germany, previous catastrophe. We think the following factors 1949–1963 were particularly relevant. ‘And now win the peace’: Ten lessons from history for the next normal 115