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Introduction to The European Economy since 1945: Coordinated Capitalism and Beyond
[The European Economy since 1945: Coordinated Capitalism and Beyond]

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Author Info

  • Barry Eichengreen

    (University of California, Berkeley)

Abstract

In 1945, many Europeans still heated with coal, cooled their food with ice, and lacked indoor plumbing. Today, things could hardly be more different. Over the second half of the twentieth century, the average European's buying power tripled, while working hours fell by a third. The European Economy since 1945 is a broad, accessible, forthright account of the extraordinary development of Europe's economy since the end of World War II. Barry Eichengreen argues that the continent's history has been critical to its economic performance, and that it will continue to be so going forward. Challenging standard views that basic economic forces were behind postwar Europe's success, Eichengreen shows how Western Europe in particular inherited a set of institutions singularly well suited to the economic circumstances that reigned for almost three decades. Economic growth was facilitated by solidarity-centered trade unions, cohesive employers' associations, and growth-minded governments--all legacies of Europe's earlier history. For example, these institutions worked together to mobilize savings, finance investment, and stabilize wages. However, this inheritance of economic and social institutions that was the solution until around 1973--when Europe had to switch from growth based on brute-force investment and the acquisition of known technologies to growth based on increased efficiency and innovation--then became the problem. Thus, the key questions for the future are whether Europe and its constituent nations can now adapt their institutions to the needs of a globalized knowledge economy, and whether in doing so, the continent's distinctive history will be an obstacle or an asset.

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Bibliographic Info

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This chapter was published in: Barry Eichengreen , , pages , 2006.

This item is provided by Princeton University Press in its series Introductory Chapters with number 8253-1.

Handle: RePEc:pup:chapts:8253-1

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Web page: http://press.princeton.edu

Related research

Keywords: economic growth; development; trade unions; employers' associations; financial investment; social institutions; technology; innovation;

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  1. Mi educaciĆ³n sentimental en 10 (12) libros (I)
    by Cives in Politikon on 2012-05-11 09:07:09
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Cited by:
  1. Brian A'Hearn & Anthony J. Venables, 2011. "Internal Geography and External Trade: regional disparities in Italy, 1861-2011," Quaderni di storia economica (Economic History Working Papers), Bank of Italy, Economic Research and International Relations Area 12, Bank of Italy, Economic Research and International Relations Area.
  2. Fabian Bornhorst & Ashoka Mody, 2012. "Tests of German Resilience," IMF Working Papers 12/239, International Monetary Fund.
  3. Bornhorst, Fabian & Mody, Ashoka, 2012. "Test of the German resilience," CFS Working Paper Series 2012/14, Center for Financial Studies (CFS).

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