The Cambridge Economic History of Modern Europe: Volume 2, 1870 to the Present

488 Pages·2010·5.12 MB·English

by  Stephen Broadberry

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TheCambridgeEconomicHistoryofModernEurope
UnlikemostexistingtextbooksontheeconomichistoryofmodernEurope,whichoffer
acountry-by-countryapproach,TheCambridgeEconomicHistoryofModernEurope
rethinksEurope’seconomichistorysince1700asunifiedandpan-European,withthe
materialorganizedbytopicratherthanbycountry.Thissecondvolumetracks
Europe’seconomichistorythroughthreemajorphasessince1870.Thefirstphasewas
anageofglobalizationandofEuropeaneconomicandpoliticaldominancethatlasted
untiltheFirstWorldWar.Thesecond,from1914to1945,wasoneofwar,
deglobalization,anddepressionandthethirdwasoneofgrowingintegrationnotonly
withinEuropebutalsobetweenEuropeandtheglobaleconomy.Leadingauthorsoffer
comprehensiveandaccessibleintroductionstothesepatternsofglobalizationand
deglobalizationaswellastokeythemesinmoderneconomichistorysuchaseconomic
growth,businesscycles,sectoraldevelopments,andpopulationandlivingstandards.
StephenBroadberryisProfessorofEconomicHistoryattheUniversityof
WarwickandaCo-ordinatoroftheEconomicHistoryInitiativeattheCentrefor
EconomicPolicyResearch.HisrecentpublicationsincludeTheEconomicsofWorld
WarI(2005,asco-editor)andMarketServicesandtheProductivityRace,1850–2000:
BritaininInternationalPerspective(2006).
KevinH.O’RourkeisProfessorofEconomicsatTrinityCollegeDublinanda
Co-ordinatoroftheEconomicHistoryInitiativeattheCentreforEconomic
HistoryResearch.HisrecentpublicationsincludeTheNewComparativeEconomic
History:EssaysinHonorofJeffreyG.Williamson(2007,asco-editor),andPower
andPlenty:Trade,War,andtheWorldEconomyintheSecondMillennium
(2007,withRonaldFindlay).

The Cambridge Economic History
of Modern Europe Volume 2
1870 to the Present
edited by
Stephen Broadberry
and
’
Kevin H.ORourke
CAMBRIDGE UNIVERSITY PRESS
Cambridge, New York, Melbourne, Madrid, Cape Town, Singapore,
São Paulo, Delhi, Dubai, Tokyo
Cambridge University Press
The Edinburgh Building, Cambridge CB2 8RU, UK
Published in the United States of America by Cambridge University Press, New York
www.cambridge.org
Information on this title: www.cambridge.org/9780521882033
© Cambridge University Press 2010
This publication is in copyright. Subject to statutory exception and to the
provision of relevant collective licensing agreements, no reproduction of any part
may take place without the written permission of Cambridge University Press.
First published in print format 2010
ISBN-13 978-0-511-72991-1 eBook (NetLibrary)
ISBN-13 978-0-521-88203-3 Hardback
ISBN-13 978-0-521-70839-5 Paperback
Cambridge University Press has no responsibility for the persistence or accuracy
of urls for external or third-party internet websites referred to in this publication,
and does not guarantee that any content on such websites is, or will remain,
accurate or appropriate.
Contents
List of fi gures page vii
Listoftables x
Listofcontributors xiv
Foreword xvii
IntroductiontoVolume2 1
StephenBroadberyandKevinH.O’Rourke
PartIBeforetheFirstWorldWar
1 Globalization,1870–1914 5
GuillaumeDaudin,MatthiasMorys,andKevinH.O’Rourke
2 Aggregategrowth,1870–1914:growingattheproductionfrontier 30
AlbertCarrerasandCamillaJosephson
3 Sectoraldevelopments,1870–1914 59
StephenBroadberry,GiovanniFederico,andAlexanderKlein
4 Businesscycles,1870–1914 84
MarcFlandreau,JuanFlores,ClemensJobst,andDavid
Khoudour-Casteras
5 Populationandlivingstandards,1870–1914 108
CarolLeonardandJonasLjungberg
PartIITheworldwarsandtheinterwarperiod
6 Waranddisintegration,1914–1950 133
JariElorantaandMarkHarrison
7 Businesscyclesandeconomicpolicy,1914–1945 156
AlbrechtRitschlandTobiasStraumann
8 Aggregategrowth,1913–1950 181
JoanR.RosesandNikolausWolf
9 Sectoraldevelopments,1914–1945 208
ErikBuystandPiotrFranaszek
10 Populationandlivingstandards,1914–1945 232
RobertMillwardandJoergBaten
PartIIIFromtheSecondWorldWartothepresent
11 TheeconomicimpactofEuropeanintegration 267
BarryEichengreenandAndreaBoltho
12 Aggregategrowth,1950–2005 296
NicholasCraftsandGianniToniolo
vi Contents
13 Sectoraldevelopments,1945–2000 333
StefanHoupt,PedroLains,andLennartSchön
14 Businesscyclesandeconomicpolicy,1945–2007 360
StefanoBattilossi,JamesForeman-Peck,andGerhardKling
15 Populationandlivingstandards,1945–2005 390
DudleyBaines,NeilCummins,andMax-StephanSchulze
Bibliography 421
Index 462
Figures
1.1 Transportinfrastructure,1870–1913(indexnumbers,
1870 = 100) page 9
1.2 AverageannualemigrationfromEurope,1846–1915(thousands) 14
1.3 Astylizedmodelofemigration 16
1.4 Theriseoftheinternationalscientificcommunity 18
1.5 WagesrelativetoBritain,1870–1913 21
2.1 GDPofsixmajorpowersin1990internationaldollars,1870–1914 33
2.2 EuropeanpercapitaGDPgrowthrate,1871–1914(%peryear) 38
2.3 Consumerpriceindexyearlyvariation,Europe,1871–1913(%) 38
2.4 GDPpercapita,EuropeasapercentageoftheUnitedStates,
1870–1913 39
2.5 GDPpercapita,Europeanditsmajorregions,1870–1913in1990
internationaldollars 41
2.6 CoefficientofvariationofEuropeanpercapita,GDP,1870–1913(%) 42
2.7 Europe:GDPpercapitain1990internationaldollars,1815–1913 43
2.8 North-westEurope:GDPpercapitain1990internationaldollars,
1815–1913 46
2.9 CentralandeasternEurope:GDPpercapitain1990international
dollars,1850–1913 47
2.10 Europe:GDPpercapitain1990internationaldollars,1815–1913 47
2.11 TotalpatentsgrantedinEurope(selectedcountries)andthe
UnitedStates,1791–1913 53
2.12 Europe,investmentratio,1861–1913(%ofGDP) 54
2.13 OpennessinwesternEurope(exports+importsasa%ofGDP),
1850–1913 55
3.1 TherelationshipbetweenGDPpercapitaandthesectoralallocation
oflaborin1913 62
3.2 Intersectoraltermsoftrade,agriculture,industry,1870–1913
(1913=1.00) 63
3.3 Relativepricesofcropsandlivestock,1870–1913(1913=1.00) 64
4.1 Pricelevels(1890–1913=100).Fifteencountries,exchangerate
adjusted) 89
4.2 Monetarypolicyflexibilityunderagoldstandardcurrencyband
(Austria–Hungary1901–14,monthlydata) 99
4.3 Tradeopenness(continuousline),financialintegration(dottedline),
andmigrationindicator(1880–1996,1900=100) 100
viii Listoffigures
4.4 StandarddeviationsinannualAustro-Hungarianemigrationand
exchangeratesbeforeandafterfixedexchangerate 104
4.5 Financialintegrationandgovernments’riskpremiums 105
5.1 InfantmortalityinpartsofEurope,1868–1914.Per1,000born 120
7.1 Europe’sGreatDepressionandrecovery,1913–73:westernEuropean
GDPpercapitarelativeto1.95percentgrowthtrend 160
7.2 GDPpercapitarelativeto2percentgrowthtrend(1913=100) 161
7.3 Post-warinflation,stabilization,andinflationrecurrence
inEurope 164
7.4 Realexchangerates 166
7.5 Unemployment 168
7.6 Theinflation/unemploymenttrade-off 170
7.7 Devaluationandeconomicrecoveryinthe1930s:(a)Inflationand
growth;(b)Realexchangeratesandgrowth 171
8.1 Theshareof“Europe”intheworldeconomy 184
8.2 EuropeanGDP,1870–2003 185
8.3 EuropeanGDPpercapita,1870–2003 186
8.4 Wasthereunconditionalconvergence,1913–50?Twenty-three
EuropeancountriesandtheUSA 194
8.5 Wasthereunconditionalconvergence,1922–38?Twenty-three
EuropeancountriesandtheUSA 195
8.6 Wasthereunconditionalconvergence,1922–9?Twenty-threeEuropean
countriesandtheUSA 195
8.7 Wasthereunconditionalconvergence,1929–38?Twenty-three
EuropeancountriesandtheUSA 196
8.8 Conditionalconvergence,1922–38,twenty-twoEuropean
countries 199
9.1 Rye,wheat,andpotatoareasinEurope,1913–45 214
9.2 Rye,wheat,andpotatoproductioninEurope,1913–45 214
10.1 MortalityinnorthernandwesternEurope,1900–49(contemporary
boundaries;numberofdeathsper1,000population) 235
10.2 MortalityinsouthernandeasternEurope,1900–49(contemporary
boundaries;numberofdeathsper1,000population) 236
10.3 InfantmortalityinnorthernandwesternEurope,1900–49
(contemporaryboundaries;numberofdeathsofinfantsunderoneyear,
per1,000livebirths) 237
10.4 InfantmortalityinsouthernandeasternEurope,1900–49
(contemporaryboundaries;numberofdeathsofinfantsunderoneyear,
per1,000livebirths) 238
10.5 FertilityinnorthernandwesternEurope,1910–45(contemporary
boundaries;averagenumberofbirthsperwomanaged15–49) 245