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.
KeywordsForeign Trade Economic Life Economic History European Economic Community Agricultural Income
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- 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
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- On IRI see Andrew Shonfield, Modern Capitalism: The Changing Balance of Public and Private Power (London: Oxford University Press, 1965), pp. 178–179Google Scholar
- Shepard B. Clough, The Economic History of Modern Italy (New York: Columbia University Press, 1964), pp. 249–250.Google Scholar
- 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
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