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The Golden Age of European growth: A review essay

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  • Temin, Peter

Abstract

This paper surveys recent scholarship on the economic growth of Europe during its Golden Age, 1950–73, as represented by three recent collections of essays. The essays generally agree that rapid economic growth in the Golden Age originated in reconstruction from World War II. They explore several different arguments to explain why the Golden Age continued after reconstruction was complete and use a variety of economic tools to argue that the Golden Age was a transitory historical phenomenon. There is far more agreement on the origins of the Golden Age than on its demise. I suggest that insights from new growth theory are limited and that the end of the Golden Age may have been brought about by the ‘shock’ of restrictive monetary policies used to combat inflation after the oil crises of the 1970s.

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  • Temin, Peter, 1997. "The Golden Age of European growth: A review essay," European Review of Economic History, Cambridge University Press, vol. 1(1), pages 127-149, April.
    • Handle: RePEc:cup:ereveh:v:1:y:1997:i:01:p:127-149_00
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    Cited by:

    1. Epstein, Philip & Howlett, Peter & Schulze, Max-Stephan, 2004. "Trade, convergence and globalisation: the dynamics of change in the international income distribution, 1950-1998," Economic History Working Papers 13295, London School of Economics and Political Science, Department of Economic History.
    2. Jean-Claude Trichet, 2010. "Luncheon address: central banking in uncertain times: conviction and responsibility," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 243-266.
    3. Christian Grabas & Alexander Nützenadel, 2013. "Industrial Policies in Europe in Historical Perspective. WWWforEurope Working Paper No. 15," WIFO Studies, WIFO, number 46867, Juni.
    4. Hans-Joachim Voth, 2008. "Review 2," Economic Journal, Royal Economic Society, vol. 118(526), pages 128-132, February.
      • Hans‐Joachim Voth, 2008. "Review 2," Economic Journal, Royal Economic Society, vol. 118(526), pages 128-132, February.
    5. Luke Mcgrath & Stephen Hynes & John Mchale, 2022. "Reassessing Ireland’s economic development through the lens of sustainable development [Sustainability and the measurement of wealth]," European Review of Economic History, European Historical Economics Society, vol. 26(3), pages 399-422.
    6. Epstein, Philip & Howlett, Peter & Schulze, Max-Stephan, 2007. "Trade, convergence, and globalisation: The dynamics of the international income distribution, 1950-1998," Explorations in Economic History, Elsevier, vol. 44(1), pages 100-113, January.
    7. Mauro, Luciano & Pigliaru, Francesco & Carmeci, Gaetano, 2023. "Decentralization, social capital, and regional growth: The case of the Italian North-South divide," European Journal of Political Economy, Elsevier, vol. 78(C).
    8. Musso, Alberto & Westermann, Thomas, 2005. "Assessing potential output growth in the euro area - a growth accounting perspective, January 2005," Occasional Paper Series 22, European Central Bank.

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