What If Anything Was Surprising About The Post War Economic Recovery Of Europe Essay
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What, if anything, is surprising about the post-war economic recovery of Europe?
In the immediate period after V.E Day there was a realization by all sides of the conflict that the Versailles Peace Treaty of 1919 had itself been one of the main catalysts to the Second World War. This meant that a new approach would need to be taken to reconstruct Europe and it would need to do so with a broader view of Europe as a whole. The Second World War inflicted appalling loses on resources, infrastructure, and, above all human lives. The war cost anything up to fifty million lives and displaced millions more. However although conditions were anything but propitious for economic growth a dramatic transformation took place over the next 30 glorious years .
Both Eastern and Western Europe s economies were massively distorted by the demands of war; normal production ground to a halt and trade decreased further weakening Europe s position in the world economy. The subsequent result of the unprecedented destruction was starvation and inflation together with a legacy of conflict that left Europeans mentally and emotionally exhausted. The fact that the war was the first to be directly targeted at civilians, both through ethnic genocide and warfare in urban areas (most destructively from the air), meant that economics would need to be at the core of any peacetime solutions.
There were three elements to the economic impact that affected Europe, and the measures that were introduced to solve these crises paved the way for the turn-around that Europe experienced between the late 1940 s and early 1970 s. The first factor was the disruption to Europe s productive assets, a rise in military production had exhausted capital stocks and many factories were themselves destroyed by the conflict. Industrial capitals such as transport and communication infrastructures were also debilitated. The second effect was of Capital loss, the colonial powers had been forced to dispose of foreign assets and had simultaneously accumulated huge debts. A drop in domestic consumption and investment also left their economies depleted. Thirdly European states (especially France and Britain) were under the obligations of the Lend-Lease agreements which sponsors like the U.S.A and other lending states had supplied to boost their war effort.
Despite these extreme difficulties rehabilitation followed surprisingly quickly. In the west in particular there was rapid reconstruction and recovery, meaning the first phase of economic development lasted no more than ten years. In the east, where the scale of devastation and loss of life had been far greater, the process needed to go beyond mere rebuilding and the imposition of Soviet communist control meant that transformation would take significantly longer.
The super-boom that began in post-war Europe can therefore be seen as somewhat of an economic miracle, with many of it s features being the only positive repercussions of the war. In the west priority was given to rebuilding the infrastructure rather than to satisfying consumption needs (except food). At the same time the economic methods of John Maynard Keynes were being used to squeeze out inflation through financial controls, higher taxes and currency reform. Since controlling inflation added to unemployment and shortages in essential products, new social services were introduced to minimise these negative affects on the population, who after all were still recovering from the hardships of war. The Welfare States that were created also helped in getting the economies moving quickly.
The other crucial benefit that the western states had over the communist east was the financial help they received from the U.S.A through Marshal Aid. Between 1947 and 1952 $23 billion was made available to Europe, this hard currency enabled Western economies to ensure their recovery by buying the goods they needed to reconstruct and modernise. So, while in 1946 West European production was only 8% of the world s total, by 1950 it accounted for almost 20%.
In the east, where the starting situation was far worse than in the west due to ferociously destructive battles and Nazi depredations, reconstruction was unimportant compared to the more immediate concerns of feeding and housing the vastly displaced population. In fact in the USSR more people died after the war had finished of starvation, than had during the actual conflict. The period was also witnessing huge social and political changes with Stalin consolidating his firm grip on power, the effect this had on the East s economic recovery was negative compared to that of the West. Land was distributed to the poor and most industrial property was nationalised. However most importantly there was no support given to Eastern Block states by the U.S.A as...
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