The Golden Age of European Economic Growth

This chapter surveys cliometric research on economic growth in Western Europe from 1950 to the early 1970s, the so-called “Golden Age.” Several hypotheses to explain the very rapid growth of that period are examined including those proposed by Abramovitz, Eichengreen, Janossy, and Kindleberger. Cross-country variation in growth performance is highlighted and explanations for it are explored. Further insights into the Golden Age are obtained by considering the reasons for the subsequent growth slowdown. It is concluded that research in this area has made substantial progress in the last 30 years informed by ideas from new growth economics.