Economic Growth in Post-War Belgium
AbstractThe growth of the Belgian economy since 1945 is surveyed with emphasis on the distinction between open and sheltered sectors. Relatively slow growth to around 1960 is explained by a move away from traditionally liberal industrial policies that began in the crisis of the 1930s, by the squeeze on open sector firms' profits in the 1950s that arose from the conjunction of social pressures for higher wages and deflationary monetary policy, and by weaknesses in innovation and new product development attributable to the system of corporate control. The subsequent acceleration in growth resulted from increased internal competition and greater technological and organizational transfers, both associated with membership of the European Community and substantial foreign direct investment. From the mid-1970s productivity growth in the open sector remained high but its overall growth has been hindered by cost increases resulting from an increasingly dysfunctional system of wage and income determination and from the deterioration of public finances.
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Bibliographic InfoPaper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 986.
Date of creation: Jul 1994
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Find related papers by JEL classification:
- N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-
- O47 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
- O52 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Europe
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