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Economic and Political Developments

In: Great Economists and the Evolution of Economic Liberalism

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  • Peter de Haan

Abstract

This chapter briefly describes the ever changing political and economic context, from 1914 to the present. The consequences of the Great War are dealt with. The Great Depression and the birth—at the end of WWII—of the Bretton Woods institutions are described, followed by the Trente Glorieuses—the spectacular post-war growth period and creation of the welfare state—during which Keynesianism reigned, but ended in stagflation. Keynesianism lost its appeal; neoclassical economics started its ascent. After a fairly long period of stability—The Great Moderation—a financial crisis broke out in 2007, followed by the Great Recession. Keynesian policies made a comeback. The same applied when the Covid-pandemic broke out. The global order, which began after WWII under America’s leadership, is no longer. Sanctions, trade wars, erosion of international institutions, and national industrial policies undermined it. Once the circumstances change, the dominant economic philosophy is being eclipsed by another one. The question is whether the world is entering a phase which will resemble what happened after the end of WWI.

Suggested Citation

  • Peter de Haan, 2025. "Economic and Political Developments," Springer Books, in: Great Economists and the Evolution of Economic Liberalism, chapter 0, pages 9-44, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-93831-3_2
    DOI: 10.1007/978-3-031-93831-3_2
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