The European Economy since 1945 (häftad)
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illustrated ed
Princeton University Press
22 illustrations
22 line illus. 39 tables.
228 x 152 x 31 mm
725 g
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The European Economy since 1945

Coordinated Capitalism and Beyond

Häftad, Engelska, 2008-07-01
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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.
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"The book's strength lies in its ability to create an economic macro-history based on an excellent processing of well-selected statistical data chosen with good reason that is often represented in carefully constructed diagrams. It is in this fusion of 'narrating' with 'showing', consisting of documentation processed on the basis of economic theory that the book, is uncommonly effective. . . . There is a lot to read and to think about in this ambitious book, which is constructed with precision and a notable ability for synthesis. To encourage the reader, it should be added that an excellent bibliography, a series of statistical data that is convincingly treated and adequately explained in the Appendix, and a very wide-ranging and carefully constructed index of subjects and authors quoted, facilitate his labours."--Piero Barucci, Journal of European Economic History "Eichengreen has produced a readable and informative account of Europe's post-1945 economy. Drawing on a lengthy and up-to-date bibliography, he embeds a wealth of economic theories into a political and social context in a way that an intelligent layperson can understand. These strengths should enable the book to find its way into graduate courses on economic history."--Michael H. Creswell, The Historian "Eichengreen's elegant history shows that Europe's economic performance in the second half of the twentieth century was a success because labour, capital and government committed to achieving both economic growth and stability."--Adam Fleisher, International Affairs "Barry Eichengreen's book The European Economy since 1945 presents a detailed introduction to the economic history of western Europe since World War II, plus a chapter on the history of central planning in eastern Europe and another on the process of transition from the economic environment typical of the Soviet Empire to a free-market environment and the European Union. Those who read it all will not be disappointed. They will find comprehensive information on the postwar situation and the reconstruction, as well as a thorough description of the integration process led to the Treaty of Rome (1957) and the European Union, with particular emphasis on the monetary aspects. The hurried reader will be satisfied, too, because each of Eichengreen's chapters can also be approached as a self-contained, well-researched, and thought-provoking essay in its own right, dealing clearly yet comprehensively with periods and episodes in recent western European history."--Enrico Colombatto, Independent Review "This book sets a new standard for surveys of the period, outclassing the essay collections that have concentrated on Western European experience and single-author narratives that have tended to make dreary reading. Eichengreen has produced an invigorating blend of synthesis and analysis that poses major questions about the nature and evolution of European economic growth, surveys economic arguments, and delivers sharp analysis and clear explanation for the major phases of economic growth and integration. . . . This is a landmark volume, by far the best available synthesis explaining European economic history since 1945, one ring pertinent comparison to U. S. experience that respect institutional differences and cultural preferences between countries. Its explanations and analysis are clear, concise, and engaging. Readers wishing more detail on the economic debates and national economic experiences red will appreciate the state-of-the-art bibliography. Don't miss it."--Kenneth Moure, American Historical Review "Many Eastern states have now joined the EU and made economic progress. Ambitions are high, but the author questions whether Europe can maintain its traditional communitarian ideals as global competition intensifies. Useful notes and bibliography."--Choice "It is rare indeed for an academic book on the fundamentals of European economic growth to b

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Barry Eichengreen is George C. Pardee and Helen N. Pardee Professor of Economics and Political Science at the University of California, Berkeley. His books include Golden Fetters: The Gold Standard and the Great Depression, 1919-1939 and Globalizing Capital: A History of the International Monetary System (Princeton).


LIST OF FIGURES ixLIST OF TABLES xiPREFACE xvLIST OF ABBREVIATIONS xixCHAPTER ONE: Introduction 1CHAPTER TWO: Mainsprings of Growth 15Probing Deeper 20Institutional Foundations of the Golden Age 31Institutions and History 40The End of the Golden Age 47CHAPTER THREE: The Postwar Situation 52Reconstruction 54The Transition to Sustained Growth 59Normalization and the Political Economy of the Marshall Plan 64German Economic and Monetary Reform 70Obstacles to Integration 73The 1949 Devaluations 77The European Payments Union 79CHAPTER FOUR: Dawn of the Golden Age 86Understanding Growth in the 1950s 89Germany as Pacesetter 93Next in Line 97The Laggards 118Toward the Golden Age 129CHAPTER FIVE: Eastern Europe and the Planned Economy 131The Strategy of Central Planning 133Problems of Central Planning 142Partial Reforms 146Planning Innovation 154Regional Integration 155The End of Reform 160CHAPTER SIX: The Integration of Western Europe 163Initial Steps 167EFTA and the British Dilemma 176Economic Effects 178The Common Agricultural Policy 182The Luxembourg Compromise 185Inklings of Monetary Integration 187The Common Market as an Established Fact 195CHAPTER SEVEN: The Apex of the Golden Age 198The Heyday of Extensive Growth 199The Incorporation of the European Periphery 204Wage Explosion and Labor Conflict 216The End of the Golden Age 223CHAPTER EIGHT: Mounting Payments Problems 225Italy's Crisis 226Britain's Problems 229The French Crisis and the German Response 238The Collapse of Bretton Woods 242The European Response 246CHAPTER NINE: Declining Growth, Rising Rigidities 252The Productivity Slowdown 253Innovation 257Unemployment 263Stabilization in Britain 277The EMS Initiative 282The EMS in Operation 286The Legacy 290CHAPTER TEN: The Collapse of Central Planning 294The Survival of Central Planning 296The Collapse of Communism 301Recession and Adjustment 303Dilemmas of Transition 308Economic Response 310German Reunification 318Normalization and Integration 328CHAPTER ELEVEN: Integration and Adjustment 335The Single Market 336Integration in Practice 341From the Delors Report to the Maastricht Treaty 346The EMS Crisis 357The Transition to Monetary Union 366EMU and Its Implications 370Adjustment and Growth 377CHAPTER TWELVE: Europe at the Turn of the Twenty-first Century 379Employment and Growth 381Reducing Unemployment 388Implications for European Unemployment 393Productivity Growth 398Eastern European Prospects and Western European Implications 406Economic Prospects 412CHAPTER THIRTEEN: The Future of the European Model 414Battle of the Systems 419The Shadow of History 423APPENDIX: Sources of Growth 427REFERENCES 433INDEX 461