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The European Economy since 1945: Coordinated Capitalism and Beyond

Опубликовано на портале: 06-11-2007
Изд-во: Princeton University Press, 2006, cерия "Princeton Economic History of the Western World", 504 с.
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.

Chapter 1. Introduction

Chapter 2. Mainsprings of Growth

  • Probing Deeper
  • Institutional Foundations of the Golden Age
  • Institutions and History
  • The End of the Golden Age

    Chapter 3. The Postwar Situation

  • Reconstruction
  • The Transition to Sustained Growth
  • Normalization and the Political Economy of the Marshall Plan
  • German Economic and Monetary Reform
  • Obstacles to Integration
  • The 1949 Devaluations
  • The European Payments Union

    Chapter 4. Dawn of the Golden Age

  • Understanding Growth in the 1950s
  • Germany as Pacesetter
  • Next in Line
  • The Laggards
  • Toward the Golden Age

    Chapter 5. Eastern Europe and the Planned Economy

  • The Strategy of Central Planning
  • Problems of Central Planning
  • Partial Reforms
  • Planning Innovation
  • Regional Integration
  • The End of Reform

    Chapter 6. The Integration of Western Europe

  • Initial Steps
  • EFTA and the British Dilemma
  • Economic Effects
  • The Common Agricultural Policy
  • The Luxembourg Compromise
  • Inklings of Monetary Integration
  • The Common Market as an Established Fact

    Chapter 7. The Apex of the Golden Age

  • The Heyday of Extensive Growth
  • The Incorporation of the European Periphery
  • Wage Explosion and Labor Conflict
  • The End of the Golden Age

    Chapter 8. Mounting Payments Problems

  • Italy's Crisis
  • Britain's Problems
  • The French Crisis and the German Response
  • The Collapse of Bretton Woods
  • The European Response

    Chapter 9. Declining Growth, Rising Rigidities

  • The Productivity Slowdown
  • Innovation
  • Unemployment
  • Stabilization in Britain
  • The EMS Initiative
  • The EMS in Operation
  • The Legacy

    Chapter 10. The Collapse of Central Planning

  • The Survival of Central Planning
  • The Collapse of Communism
  • Recession and Adjustment
  • Dilemmas of Transition
  • Economic Response
  • German Reunification
  • Normalization and Integration

    Chapter 11. Integration and Adjustment

  • The Single Market
  • Integration in Practice
  • From the Delors Report to the Maastricht Treaty
  • The EMS Crisis
  • The Transition to Monetary Union
  • EMU and Its Implications
  • Adjustment and Growth

    Chapter 12. Europe at the Turn of the Twenty-first Century

  • Employment and Growth
  • Reducing Unemployment
  • Implications for European Unemployment
  • Productivity Growth
  • Eastern European Prospects and Western European Implications
  • Economic Prospects

    Chapter 13. The Future of the European Model

  • Battle of the Systems
  • The Shadow of History

    Appendix. Sources of Growth
    References
    Index