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The Interaction between Economic Theories and Policies in Belgium, 1944-2000

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  • Erik Buyst

Abstract

We analyse the impact of economists on post-war economic policy in Belgium. The severe budgetary and monetary crisis of the mid-1920s which brought the country on the brink of hyperinflation and a state moratorium, framed economic policy for several decades to come. Until the mid-1950s inflation fighting and a stable currency became an obsession in both economic thought and policy. In this climate the penetration of Keynesianism and of regional development policies was seriously delayed. Therefore the period between the mid-1950s and early 1960s was an important watershed. From then Keynesianism in its various forms blossomed. New paradigms, such as the monetarist counter-revolution and supply-side economics, failed to make a breakthrough in academia and had little or no impact on economic policy. Reckless economic policies in the aftermath of the two oil crises temporarily broke down the long run consensus concerning a stable currency.

Suggested Citation

  • Erik Buyst, 2013. "The Interaction between Economic Theories and Policies in Belgium, 1944-2000," HISTORY OF ECONOMIC THOUGHT AND POLICY, FrancoAngeli Editore, vol. 2013(1), pages 103-120.
    • Handle: RePEc:fan:spespe:v:html10.3280/spe2013-001006
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    References listed on IDEAS

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    1. Serge Boute & G. Carrin & Victor Ginsburgh & Pierre Pestieau, 1981. "Les économistes belges: tour d'ivoire ou tour de Babel," Brussels Economic Review, ULB -- Universite Libre de Bruxelles, vol. 92, pages 539-556.
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    5. Jones, Erik, 2008. "Economic Adjustment and Political Transformation in Small States," OUP Catalogue, Oxford University Press, number 9780199208333.
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    7. V. A. de Ridder, 1947. "The Belgian Monetary Reform," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 15(2), pages 51-69.
    8. Erik Buyst & Ivo Maes & Henk W. Plasmeijer & Evert Schoorl, 2005. "Comparing the Development of Economics during the Twentieth Century in Belgium and the Netherlands," History of Political Economy, Duke University Press, vol. 37(1), pages 61-78, Spring.
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    More about this item

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-

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