• Shepard B. Clough
  • Thomas Moodie
  • Carol Moodie
Part of the The Documentary History of Western Civilization book series (DHWC)


To many who lived through the First World War and the chaos of the early 1920’s, the decades just before 1914 seemed a golden age and the unified European economy an ideal construction of human effort. Economic stability, security, and progress, which were so lacking after 1914, stood out as the dominant characteristics of the earlier age. John Maynard Keynes’s famous description of “Europe before the war” captures this attitude and many of the qualities of the economic life of that era.


Foreign Trade Economic Life Economic History European Economic Community Agricultural Income 


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  1. 1.
    John Maynard Keynes, The Economic Consequences of the Peace (New York: Harcourt, Brace and Howe, 1920), pp. 10–11. Used by permission of Harcourt, Brace and World.Google Scholar
  2. 2.
    Colin Clark, The Conditions of Economic Progress (London: Macmillan and Co., 1951), p. 300 (table A.64).Google Scholar
  3. 4.
    Ingvar Svennilson, Growth and Stagnation in the European Economy (Geneva: United Nations, 1954), p. 30. As Svennilson points out, the statistics are incomplete. They are based on figures of trade unions and unemployment insurance and thus omit important sections of the labor force— agricultural workers in particular—as well as underemployment.Google Scholar
  4. 5.
    Samuel L. Sharp, Nationalization of Key Industries in Eastern Europe (Washington, D.C.: Foundation for Foreign Affairs, 1946), p. 4.Google Scholar
  5. On IRI see Andrew Shonfield, Modern Capitalism: The Changing Balance of Public and Private Power (London: Oxford University Press, 1965), pp. 178–179Google Scholar
  6. Shepard B. Clough, The Economic History of Modern Italy (New York: Columbia University Press, 1964), pp. 249–250.Google Scholar
  7. There are numerous disputes about the reliability of Soviet statistics and the proper correctives to be applied in order to get figures of international comparability. This labyrinth is best not entered into in a short introduction. The levels indicated here are based on Industrialization and Foreign Trade, p. 130. A good selection of articles on the problems of interpreting Soviet statistics is contained in Franklyn D. Holzman, ed., Readings on the Soviet Economy (Chicago: Rand McNally and Co., 1962).Google Scholar
  8. 10.
    William Woodruff, The Impact of Western Man: A Study of Europe’s Role in the World Economy (New York: St. Martin’s Press, 1967), p. 302 (table VII/I).Google Scholar
  9. 11.
    Sidney Pollard, The Development of the British Economy, 1914–1950 (London: Edward Arnold, 1962), p. 120.Google Scholar

Copyright information

© Shepard B. Clough, Thomas Moodie, and Carol Moodie 1968

Authors and Affiliations

  • Shepard B. Clough
  • Thomas Moodie
  • Carol Moodie

There are no affiliations available

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