An analysis of the devastating effect of World War II on the European economy.
Written in 2008; 3,238 words; 5 sources; MLA; $ 93.95
Paper Summary:
This paper examines the economic impact that World War II had on Europe. It provides a brief history of the lead-up to the war and the cost of the war in terms of human casualty and then analyzes why World War II had such a devastating effect on the European economy. Finally, the paper discusses the rapid growth of the post-War golden age in Europe and the factors that contributed to it.
From the Paper:
"The economy of Europe lagged far behind the United States after World War II and into the 50s (Eichengreen 2007). Its gross domestic product level was barely half American levels per person. The mass production methods in the US, which were introduced in the first half of the 20th century were just arriving in Europe at this time. Typical automobiles and modern household appliances in the US were still few and exceptional in Europe. Even 50 years later, Western Europe was still far from the US in terms of per capita GDP. But institutions of European integration wiped this difference in the quality of life so marked 50 years ago. They locked peaceful Germany into Europe so as to unleash its huge industrial might. It was something, which France and other European countries would not have allowed. These institutions created the Common Market, which in turn induced the huge expansion of trade and increased efficiency. Through the Single Market Program set up in 1986, these European institutions created a continental economy, which can now support global champion firms at a scale and a scope that could compete internationally. And with the introduction of the Euro, the inflation problem, which plagued Europe in most of the 20th century, disappeared (Eichengreen)."
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