Procedures for Producing Economic Resurgence

  • George T. Edwards


The purpose of this chapter is to discuss four cases of economic resurgence (post-war France, Germany and Japan, and wartime USA) and one case of persistent economic decline (the United Kingdom). What I shall seek to do is to draw out, so far as is possible, the lessons of economic history as given by these case histories, outlining the procedures the successful cases of economic resurgence have in common and sometimes contrasting their different approaches towards similar ends. The purpose of the analysis is to develop a prescription, consisting of a set of procedures, aimed at producing economic resurgence. The analytical tactic lies, as usual, in trying to deduce the general principles from the particular examples, but this is best done cautiously and carefully with some knowledge of the relevant histories of the financial-industrial systems under study.


Financial System Banking System Industrial Policy Economic Planning High Interest Rate 
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Notes and References

  1. Beeton’s Dictionary of Universal Biography, 2nd edn (London: Ward, Lock and Tyler, 1870) p. 281.Google Scholar
  2. Ibid., p. 661.Google Scholar
  3. B. R. Cant, ‘Britain’s Economic Problems in International Economic Perspective’ (Discussion Paper, Centre for Business Research, Manchester Business School, 1972) p. 5.Google Scholar
  4. C. J. F. Brown, Industrial Policy and Economic Planning in Japan and France’, in National Institute Economic Review, August 1980, p. 71.Google Scholar
  5. G. Fasel, Modern Europe in the Making (New York: Dodd, Mead and Company, 1974) p. 271.Google Scholar
  6. Economist, 25 March-1 April 1983, p. 60 of the ‘International Banking Survey’.Google Scholar
  7. Edward Cade, 1972 winner of the Bank of England European Banking Scholarship, unpublished report on the French banks’ approach to medium- and long-term lending, quoted in Yao-Su Hu, ‘National Attitudes and the Financing of Industry’, PEP Broadsheet no. 559 (1975) p. 21.Google Scholar
  8. ‘Industrial policies in Europe’ (National Economic Development Council, NEDC (81) 51, 1981, Annex C (‘France’)) para. 15.Google Scholar
  9. See G. T. Edwards, How Economic Growth and Inflation Happen (London: Macmillan, 1984) pp. 80–1, for a discussion of this.CrossRefGoogle Scholar
  10. Dr H. E. Priestley, The Awakening World, Book 3 (The balance of Power 1871–1914) (London: Frederick Miller, 1967).Google Scholar
  11. G. Fasel, Moden Europe in the Making, pp. 271–2.Google Scholar
  12. Frank Vogl, German Business After The Economic Miracle (London: Macmillan, 1973) pp. 43–4.Google Scholar
  13. Peter Readman et al. The European Money Puzzle (London: Michael Joseph, 1973) p. 61.Google Scholar
  14. Frank Vogl, German Business After The Economie Miracle, p. 46.Google Scholar
  15. Milton Friedman, Free To Choose (New York: Harcourt Brace Jovano-vich) p. 285.Google Scholar
  16. G. B. Shaw, Candida, Part 1.Google Scholar
  17. G. T. Edwards, ‘How Economic Growth and Inflation Happen’, pp. 119–23.Google Scholar
  18. Ibid.,p.75.Google Scholar
  19. Ibid., p.73.Google Scholar
  20. Ibid., p. 103.Google Scholar

Copyright information

© George T. Edwards 1987

Authors and Affiliations

  • George T. Edwards

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