The twentieth century: an economic retrospective

Abstract

The first of the three waves of economic development covering the 20th century started back in the previous century. The factors determining the success of this so-called ‘long 19th century’ were ideological and political, as well as economical. They generated, at the end of that wave, the move towards the first global economy. During the second wave (1914–1945), economic liberalism and globalisation came under pressure. The mixed economy of the postwar period – the framework of the third wave – initiated a trend towards a new global economy, covering ‘les trente années glorieuses’ (1945–1973), the uncertain 1970s, and the restructuring of the economy along neo-liberal lines (1980s and 1990s). What will be the economic future of Europe?