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Lecture 19

HIST 2200Y Lecture Notes - Lecture 19: Warsaw Pact, Robert Marjolin, European Atomic Energy Community

Course Code
HIST 2200Y
Antonio Cazorla- Sánchez

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HIST-2200Y March 5, 2014
Western Europe: Economic Miracle
The Golden Age
Prosperity in all European countries in the West and in the communist East in a
different way
Production and consumption soared
Jobs were plentiful
Real wages grew
Better standard of living, the best they have ever had
Free medicine, free education, access to housing
Transformation of everyday cultural
The invention of washing machines (washing was a hard task for women),
telephones, televisions
Northern Europeans were the first to enjoy this prosperity
France and Germany would take off
Late 50s and early 60s until it hit the South
The North and the South are catching up to each other (ex. GPDs)
1950-70 Europe outputs increased to 40%, rapid process of free industrialization
20 years of accumulated demand, started by the Marshall Plan
Governments were very poor, political and social instability
US puts aid into Europe through different organizations, one important one was
UNRRA – United Nations Relief and Rehabilitation Administration, an
international relief agency, largely dominated by the US, founded in 1943
France and Britain received the most help
Steel production increased by 70% in 4 years, cement production was 80%,
vehicles was 150%, oil products was 200%
Europe finances recovered, now they can bring in new products, financial stability
Post was capitalism was very different than before the war, the depression was
horrible that no one could accept going back to those times
The fight against the Nazis the Europeans gained new hopes
Ideas of creating more equal societies
Governments were open to creating policies for economic growth
Government policies to reform capitalism
Both right and left agreed that poor employment was not a good idea, economic
policies should be adopted
Keynes – a British economist whose ideas have fundamentally affected the theory
and practice of modern macroeconomics and informed the economic policies of
Beveridge – key document that promoted free employment, state should step in
and close private investment to promote employment, wanted everyone working
Governments were implemented into the economy during the war, idea behind
economic planning
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