The World Economy and Europe

The post-war decades were a period of great economic success, particularly in Western countries. Western economies never experienced such sustained growth rates for such a long period of time in their history. This success benefited most citizens and social groups and classes, particularly in the first half of the period. Economic flexibility and social mobility increased in all countries. As a consequence, societies and democratic polities appeared fundamentally strong and stable. There were periods of economic and financial difficulties; however, these never reached systemic levels. The overall performance was such that there was growing confidence in the ability of governments and international organisations to manage instability in ways that kept damages and risks at a controllable level.