Economic Growth in Europe Since 1945N. F. R. Crafts, Gianni Toniolo This compelling volume re-examines the topic of economic growth in Europe after the Second World War. The contributors approach the subject armed not only with new theoretical ideas, but also with the experience of the 1980s on which to draw. The analysis is based on both applied economics and on economic history. Thus, while the volume is greatly informed by insights from growth theory, emphasis is given to the presentation of chronological and institutional detail. The case study approach and the adoption of a longer-run perspective than is normal for economists allow new insights to be obtained. As well as including chapters that consider the experience of individual European countries, the book explores general European institutional arrangements and historical circumstances. The result is a genuinely comparative picture of post-war growth, with insights that do not emerge from standard cross-section regressions based on the post-1960 period. |
Contents
Postwar growth an overview | 1 |
2 Main trends in postwar European growth | 2 |
3 Previous interpretations of European postwar growth | 8 |
4 Recent developments in growth theory | 14 |
some quantitative aspects | 16 |
6 The years of high growth | 20 |
7 Slowdown and instability | 25 |
8 Factors in the performance of individual countries | 27 |
7 Continuity and change during the 1980s | 311 |
8 Labour market and wage policies | 312 |
9 The performance of the export sector and exchange rate policy | 315 |
10 The public sector and economic growth | 317 |
11 Conclusions | 322 |
Portuguese postwar growth a global approach | 329 |
the phases | 335 |
4 Some particular themes | 346 |
9 Concluding comments | 31 |
Europe after World War II | 38 |
2 The model | 43 |
3 The structure of domestic institutions | 45 |
4 The evolution of domestic institutions | 50 |
5 The structure of international institutions | 53 |
6 The decline of the postwar settlement | 58 |
7 Conclusion | 65 |
the rise and decline of nations since 1982 | 73 |
2 A recapitulation of the theory | 74 |
3 Economic growth since Rise and Decline | 78 |
4 Distinctive institutions and common processes | 81 |
5 Distinctive institutions and inescapable logic | 91 |
Why the 1950s and not the 1920s? Olsonian and nonOlsonian interpretations of two decades of German economic history | 95 |
2 An Olsonian interpretation of the two postwar records | 96 |
3 A nonOlsonian mode of interpretation | 100 |
Convergence competitiveness and the exchange rate | 107 |
2 Competitiveness and the exchange rate | 108 |
3 Western Europe in the Golden Age | 110 |
4 Country experience | 116 |
5 Conclusions | 124 |
Statistical Appendix | 126 |
British economic growth since 1945 relative economic decline and renaissance? | 131 |
2 The legacy of the 1930s and World War II | 138 |
3 Reconstruction | 140 |
4 The Golden Age | 142 |
5 Shocks and stagflation | 147 |
6 Recovery in the 1980s and its legacy | 149 |
7 Bargaining models and productivity change | 153 |
8 Human capital formation | 158 |
9 Deindustrialization | 159 |
10 Conclusions | 160 |
Appendix | 162 |
Economic growth in postwar Belgium | 173 |
main features structures and institutions initial conditions | 174 |
3 The phases of postwar economic growth | 180 |
4 Structural change and the control of industry | 198 |
5 Conclusion | 201 |
France 194592 | 210 |
2 Aggregate performance | 211 |
3 The legacy of the 1930s and reconstruction | 217 |
4 The vingt glorieuses 195476 | 219 |
5 Shocks and stagflation in the 1970s | 223 |
6 A partial recovery | 226 |
7 Human capital | 229 |
8 Institutions | 232 |
9 Conclusion | 236 |
Economic growth and the Swedish model | 240 |
2 Aggregate performance | 242 |
3 A review of macroeconomic policies | 252 |
4 Ultimate causes of Swedish economic performance | 256 |
5 Conclusions | 280 |
Characteristics of economic growth in the Netherlands during the postwar period | 290 |
2 The major facts | 292 |
3 The legacy of the 1930s | 301 |
4 World War II and the reconstruction years | 302 |
5 The golden years from 1950 to 1973 | 305 |
6 Shocks and sluggish growth during the 1970s | 309 |
5 Conclusions | 352 |
Growth and macroeconomic performance in Spain 193993 | 355 |
3 The legacy of the 1930s and the Civil War 19369 | 361 |
Spain under autarky 193959 | 362 |
years of accelerated growth 195975 | 369 |
the transition from dictatorship to democracy 197585 | 372 |
the integration of Spain into the EEC | 375 |
8 Concluding remarks | 378 |
Irish economic growth 194588 | 388 |
2 Irish growth and the economic convergence debate | 389 |
3 Irish economic history 194592 | 398 |
4 Investment | 404 |
5 Human capital and emigration | 407 |
6 Trade policies | 409 |
the political economy of growth | 413 |
8 Some simple crosssection evidence | 416 |
9 Conclusion | 419 |
Italy | 427 |
an overview | 428 |
3 Total factor productivity market structure scale economies and capacity utilization | 430 |
4 The legacy of Fascism and the war | 438 |
reconstruction and stabilization | 439 |
6 An economic miracle? | 441 |
7 The roots of the malaise 196373 | 442 |
8 Productivity slowdown 197392 | 445 |
9 Concluding remarks | 449 |
Appendix | 450 |
West German growth and institutions 194590 | 455 |
2 The growth weakness of the Weimar Republic | 460 |
3 Reconstruction 194561 | 463 |
4 Golden Age growth 196173 | 468 |
5 Slow growth 197390 | 473 |
6 Is there a West German economic model and if so has it affected growth? | 482 |
7 West German growth what does it tell us about the prospects for growth in East Germany? | 489 |
An exercise in futility East German economic growth and decline 194589 | 498 |
a brief overview | 499 |
how bad a start? | 504 |
4 The productivity gap in the making 194550 | 508 |
a brief review | 511 |
an East German Wirtschaftswunderl | 513 |
frustrated catching up the Berlin Wall and attempted reform during the 1960s | 517 |
a belated Wirtschaftswunderl | 519 |
9 The road to bankruptcy 19809 | 522 |
10 The aftermath of unification | 528 |
11 Conclusion | 532 |
Postwar growth of the Danish economy | 541 |
an overview | 543 |
3 The legacy from the 1930s and the war and reconstruction years | 551 |
4 Growth factors and sectoral shifts in the postwar years | 554 |
5 Growth and economic policy since 1950 | 563 |
6 Concluding comments | 570 |
Reflections on the country studies | 576 |
2 The idea of a Golden Age | 577 |
3 The accumulation of capital and the acquisition of knowledge | 578 |
4 The impact of economic policy | 579 |
5 Growth economics | 580 |
| 582 | |
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Common terms and phrases
aggregate agriculture annual autarky average bargaining Belgian Belgium Bretton Woods system Cambridge capital accumulation capital formation catch-up cent of GDP comparative competitiveness convergence corporatism decade decline deficit demand Denmark Deutschmark devaluation domestic Dutch early East Germany economic growth economic policy effects employment encompassing estimates Europe European countries exchange rate exports external Figure firms foreign France Germany's Golden Age growth accounting growth performance growth rates human capital important income increased industrial relations inflation institutional investment Ireland Irish Italy labour force labour market labour productivity long-run macroeconomic Maddison manufacturing monetary Netherlands OECD OECD countries oil shock organizations output per-capita political Portugal postwar growth postwar period productivity growth profits public sector ratio relative rise role share sheltered sector slowdown social Source Spain stability structure Sweden Swedish Table TFP growth total factor productivity University Press wage West workers World