The fifth edition of The European Economy provides a succinct and
lucid account of the development and problems of the European
economy since the first world war. It covers the whole of Europe
including Russia and Turkey. The text divides into several clearly
defined sub-periods: the impact and aftermath of the first world
war and recovery and reconstruction during the 1920s; the
depression and the recovery of the 1930s; the impact of the second
world war and the new political division in Europe; the post-war
boom of the 1950s and 1960s and then into the growth slowdown of
the 1970s and the persistent problems of inflation and
unemployment. It then analyses the demise of the centrally planned
economies of eastern Europe and the move to a more united Europe
and then discusses the financial and economic problems that have
emerged in the early twenty-first century. This new edition has
been extensively revised, new chapters have been added and the
reading lists updated. Though the volume is designed as a basic
introductory text the authors elicit some of the lessons that can
be learnt from a study of past development, one of which is the
limited power of governments to influence the course of events and
to combat the operation of market forces.
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