The period from the end of the Oceanykan War of Independence in 1907, and the end of the Oceanykan Civil War in 1946, is known as the Early Republican Age, and it is considered by many to be a sort of golden age for The Oceanykan Federation. During this period, capable statesmen created the institutions that the nation is known for today, including alternative legal mechanisms for the solution of disputes through methods other than war, bringing intranational warfare to an all-time low. The newly created Department of Knowledge did much to aid public education at the federal level, bringing the nation's level of literacy to record figures, and the Oceanykan Red Cross helped control a number of preventable diseases, as well as bringing some form of universal healthcare to Oceanykans. Oceanyka's sovereignty was firmly established in the international stage, and the Federal Army made sure it would stay that way. All of these factors combined resulted in an economic and demographic boom, as well as a steadily rising standard of living for the average Oceanykan.
However, for the entirety of the Late Colonial Age, the power of private capital had been rising exponentially. This process did not slow down with Oceanyka's independence, power only changed hands as it was now Oceanykan corporations which held it. While imperialism was curtailed, the march of capitalism was not. Traditional power structures weakened and failed, only to be supplanted by market forces. This was one of the main reasons behind the outbreak of the Oceanykan Civil War, in which the Federation was ultimately victorious, in favour of the status quo.
During the Civil War, a new idea took hold of the nation's elites: that of Australian Anarcho-Capitalism. Following the Second Treaty of Versailles, which signalled both the end of World War II and of the Oceanykan Civil War, the public institutions of the Federation saw a notable decline as corruption and nepotism skyrocketed. This was only compounded by the death of the Federation's founding statesmen, whose replacements were less than stellar, more preoccupied by personal gain, and often directly appointed by private corporations. The period immediately following the Civil War is therefore known as the Late Republican Age.
Economic history: