The European Economy since 1945: Coordinated Capitalism and Beyond

The European Economy since 1945: Coordinated Capitalism and Beyond

by Barry Eichengreen
     
 

"Encompassing all of Europe, this magisterial book tells the story of how, during the second half of the twentieth century, high growth based on capital formation changed to low growth based on innovation. Eichengreen's masterful narrative never loses its focus while ranging far to integrate successfully international political contexts and informal economic

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Overview

"Encompassing all of Europe, this magisterial book tells the story of how, during the second half of the twentieth century, high growth based on capital formation changed to low growth based on innovation. Eichengreen's masterful narrative never loses its focus while ranging far to integrate successfully international political contexts and informal economic conventions."—Peter J. Katzenstein, Cornell University

A magisterial achievement. This book shows in detail how institutions and policies explain the miraculous postwar recovery and the subsequent economic growth of Western Europe, how they flavored the economic experience of different countries, and how they determined and shaped the nature of coordination and cooperation among the European economies. It is deeply learned, using a huge variety of sources and data, always informed about the facts and at the same time based on sound economic analysis."—Joel Mokyr, Northwestern University, author of The Gifts of Athena

"Barry Eichengreen has written a powerful book that is central to any understanding of the differences and strains over economic issues between Europe and the United States. He examines the fit between social and political institutions and technology and innovation, and judiciously avoids both the depths of pessimism and the optimistic fantasies about Europe that are at the center of other and more facile analyses."—Harold James, Princeton University, author of A History of International Monetary Cooperation since 1945

"The European Economy Since 1945 features a unique blend of modern economics, good history, and a deep understanding of the role of institutions in shaping economic success. Eichengreen's book is about the future of Europe. In the late 1970s, Japan was the model, and the United States looked doomed. Will we be saying the same thing in twenty years about the predictions of European doom and gloom so common today? To avoid that mistake we need to understand where Europe is coming from, and to think hard about the factors that will determine economic success in coming decades. This book is where we should start from."—Francesco Giavazzi, Bocconi University, Milan, and visiting professor, Massachusetts Institute of Technology

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Product Details

ISBN-13:
9780691138480
Publisher:
Princeton University Press
Publication date:
07/01/2008
Series:
Princeton Economic History of the Western World Series
Edition description:
New Edition
Pages:
520
Product dimensions:
6.00(w) x 9.10(h) x 1.20(d)

Table of Contents

LIST OF FIGURES ix

LIST OF TABLES xi

PREFACE xv

LIST OF ABBREVIATIONS xix

CHAPTER ONE: Introduction 1

CHAPTER TWO: Mainsprings of Growth 15

Probing Deeper 20

Institutional Foundations of the Golden Age 31

Institutions and History 40

The End of the Golden Age 47

CHAPTER THREE: The Postwar Situation 52

Reconstruction 54

The Transition to Sustained Growth 59

Normalization and the Political Economy of the Marshall Plan 64

German Economic and Monetary Reform 70

Obstacles to Integration 73

The 1949 Devaluations 77

The European Payments Union 79

CHAPTER FOUR: Dawn of the Golden Age 86

Understanding Growth in the 1950s 89

Germany as Pacesetter 93

Next in Line 97

The Laggards 118

Toward the Golden Age 129

CHAPTER FIVE: Eastern Europe and the Planned Economy 131

The Strategy of Central Planning 133

Problems of Central Planning 142

Partial Reforms 146

Planning Innovation 154

Regional Integration 155

The End of Reform 160

CHAPTER SIX: The Integration of Western Europe 163

Initial Steps 167

EFTA and the British Dilemma 176

Economic Effects 178

The Common Agricultural Policy 182

The Luxembourg Compromise 185

Inklings of Monetary Integration 187

The Common Market as an Established Fact 195

CHAPTER SEVEN: The Apex of the Golden Age 198

The Heyday of Extensive Growth 199

The Incorporation of the European Periphery 204

Wage Explosion and Labor Conflict 216

The End of the Golden Age 223

CHAPTER EIGHT: Mounting Payments Problems 225

Italy's Crisis 226

Britain's Problems 229

The French Crisis and the German Response 238

The Collapse of Bretton Woods 242

The European Response 246

CHAPTER NINE: Declining Growth, Rising Rigidities 252

The Productivity Slowdown 253

Innovation 257

Unemployment 263

Stabilization in Britain 277

The EMS Initiative 282

The EMS in Operation 286

The Legacy 290

CHAPTER TEN: The Collapse of Central Planning 294

The Survival of Central Planning 296

The Collapse of Communism 301

Recession and Adjustment 303

Dilemmas of Transition 308

Economic Response 310

German Reunification 318

Normalization and Integration 328

CHAPTER ELEVEN: Integration and Adjustment 335

The Single Market 336

Integration in Practice 341

From the Delors Report to the Maastricht Treaty 346

The EMS Crisis 357

The Transition to Monetary Union 366

EMU and Its Implications 370

Adjustment and Growth 377

CHAPTER TWELVE: Europe at the Turn of the Twenty-first Century 379

Employment and Growth 381

Reducing Unemployment 388

Implications for European Unemployment 393

Productivity Growth 398

Eastern European Prospects and Western European Implications 406

Economic Prospects 412

CHAPTER THIRTEEN: The Future of the European Model 414

Battle of the Systems 419

The Shadow of History 423

APPENDIX: Sources of Growth 427

REFERENCES 433

INDEX 461

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