Abstract
This paper seeks to shed light on the economics of Europe’s post-World War II “golden age,” fleshing out the role of institutions in the postwar growth process. It argues that the institutional arrangements inherited from Europe’s prior history were particularly well-suited to the macroeconomic and technological imperatives of economic growth following World War II. Corporatist labour relations encouraged the wage moderation and high levels of investment needed to reproduce American-style industrial production on a massive scale. Relatively centralised structures were well suited to the incremental technical changes needed to adapt American technologies for European circumstances. And the institutions of European and global integration went some way towards creating the mass market in consumer goods and the open market raw materials needed to support the transplantation of American technologies.
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
