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The World Economy between the World Wars$
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Charles H. Feinstein, Peter Temin, and Gianni Toniolo

Print publication date: 2008

Print ISBN-13: 9780195307559

Published to Oxford Scholarship Online: May 2008

DOI: 10.1093/acprof:oso/9780195307559.001.0001

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The Interwar Economy in a Secular Perspective

The Interwar Economy in a Secular Perspective

Chapter:
(p.6) Chapter 1 The Interwar Economy in a Secular Perspective
Source:
The World Economy between the World Wars
Author(s):

Charles H. Feinstein (Contributor Webpage)

Peter Temin (Contributor Webpage)

Gianni Toniolo

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780195307559.003.0002

This chapter places the interwar experience in the context of economic growth in the 20th century. The story starts with a description of living standards in the 1890s and goes on to describe the spread of “modern economic growth” from its European beginning. The rate of economic growth was similar before the interwar period and since the early 1970s. In between there was slow growth during the interwar years and a rebound after the Second World War. Tables reveal a slowdown in international trade and a rise in unemployment during the interwar years, coupled paradoxically with stable or rising rates of productivity growth. The chapter also describes changes in the relative economic weight (GDP and trade) amongst the world's main areas.

Keywords:   modern economic growth, economic slowdown, international trade, unemployment, productivity growth

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