Abstract
An entire generation of Europeans have lived through the unprecedented period of post-war prosperity. In the years between 1950 and 1972, growth averaged about 5% annually and unemployment stayed below 4%. Living standards surged, and world trade blossomed as never before. People came to consider as a “right” regular wage increases and to increasingly look to governments for a guarantee of the good life with a wide array of social programs (generous old-age pensions, broad medical coverage, education loans, unemployment insurance and so on).
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Footnotes
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Jacquemin, A. (1983). Industrial Policies and the Community. In: Coffey, P. (eds) Main Economic Policy Areas of the EEC. Springer, Dordrecht. https://doi.org/10.1007/978-94-017-2130-1_2
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