DP973 Institutions and Economic Growth: Europe After World War II
| Author(s): | Barry Eichengreen |
| 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.