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1893 WordsApr 30, 20138 Pages
European Economy Essay 1 Introduction The development of the European economy since 1945 to the present day has been significant as much change has occurred during this period of time. The first and possibly most interesting development that occurred during this time that I will write about is ‘The Golden age’. The Golden age transpired post World War II in the time period 1950-1973 and was a period of great economic growth within Europe. There were several reasons for the growth and development of the European economy during this time period and I will discuss each in detail throughout my essay with the support of scholarly articles and book chapters relevant to the development of the European economy throughout these…show more content…
Economic decision making as a result is quicker at responding to market impulses as better political institutions are in place. Another major factor in the growth of the European Economy at this time was Disequilibrium. Populations moved from low productivity sectors to high productivity sectors as labour demands were high in these areas. The improvement in manufacturing and the movement of populations into higher productivity areas caused Economic growth to increase rapidly within the Economy. Trade was extremely low during the War and the increase in trade post World War II promoted industrialisation. The Economic restructuring that took place after the War was majorly financed by the increase in trade and with an improved structure in industry and manufacturing created to opportunity for even more efficient trade which promoted higher Economic growth. Cyclical fluctuations were mild and also inflation rates within Europe were socially acceptable (Crafts et al, 1996).Unemployment rates within Europe were low due to the high demand for labour which also contributed to the Economic growth during ‘The Golden age’. Economic development was high from (1950-1973) but ‘The Golden age’ in Europe then came to an end. The first major reason for the slowdown in economic growth was the closure of the technological gap between the US and Europe. Europe had now stabilised its growth by reaching a
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