DP973 Institutions and Economic Growth: Europe After World War II
|Publication Date:||June 1994|
|Keyword(s):||Europe, Growth, Institutions|
|JEL(s):||N0, N1, N2|
|Programme Areas:||International Macroeconomics, Human Resources|
|Link to this Page:||cepr.org/active/publications/discussion_papers/dp.php?dpno=973|
European economic growth in the quarter of a century that ended in 1973 outstripped growth in any period of comparable length before or since. The elements of Europe's growth miracle -- wage moderation, high investment and rapid export growth -- were delivered by a tailor-made set of domestic and international arrangements -- on the domestic side the social market economy, on the external side international agreements and supranational institutions -- that solved problems of commitment and cooperation that would have otherwise hindered the resumption of growth.