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Western Europe's Growth Prospects: an Historical Perspective

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  • Crafts, Nicholas

Abstract

This paper surveys the recent economic history of Western European growth. It concludes that this experience has been disappointing and that further reforms are desirable in many countries. The requirement for reform comes both from achieving 'close-to-frontier' status and from the opportunities provided by the new technological era. The paper goes on to consider the effects that the current crisis may have on medium-term growth rates. The lesson from the 1930s is that, if the current crisis leads to a similarly bad downturn, the policy reaction in terms of greater state intervention will not be conducive to improved growth prospects.

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  • Crafts, Nicholas, 2012. "Western Europe's Growth Prospects: an Historical Perspective," CEPR Discussion Papers 8827, C.E.P.R. Discussion Papers.
  • Handle: RePEc:cpr:ceprdp:8827
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    Cited by:

    1. Halmai, Péter, 2015. "Az európai növekedési potenciál eróziója és válsága
      [Erosion and crisis in European growth potential]
      ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(4), pages 379-414.
    2. Andrew J Tiffin, 2014. "European Productivity, Innovation and Competitiveness; The Case of Italy," IMF Working Papers 14/79, International Monetary Fund.
    3. repec:nbb:ecrart:y:2017:m:september:i:ii:p:37-53 is not listed on IDEAS
    4. repec:ksa:szemle:1751 is not listed on IDEAS
    5. Singh, Ajit, 2013. "Full Employment in Western Europe and the Regulatory Regime: An Institutional and Historical Analysis Together with a Commentary on Government as an Entrepreneur," MPRA Paper 53038, University Library of Munich, Germany.

    More about this item

    Keywords

    catch-up growth; general purpose technology; social capability; supply-side policy;

    JEL classification:

    • N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe

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