Following the Second World War, an ideological divide split Europe between liberal democracy in the west and communism in the east. Economically, western countries used capitalist systems with free-market economies, whereas eastern countries implemented socialist systems with government-controlled command economies.
Full Answer
What is the economic development of Europe?
Europe was the first of the major world regions to develop a modern economy based on commercial agriculture, industrial development, and the provision of specialized services.
What is the economic outlook for Central & Eastern Europe?
This year, inflation will be markedly higher than in 2021 due to supply constraints, higher energy prices and sustained wage growth. Gas supply cuts are a risk. 5 years of Central & Eastern Europe economic forecasts for more than 30 economic indicators.
How did Europe’s economic modernization begin?
Europe’s economic modernization began with a marked improvement in agricultural output in the 17th century, particularly in England.
What are the characteristics of European economy?
Economy. Europe was the first of the major world regions to develop a modern economy based on commercial agriculture, industrial development, and the provision of specialized services. Its successful modernization can be traced to the continent’s rich endowment of economic resources, its history of innovations,...
How did Europe grow its economy?
Europe was the first of the major world regions to develop a modern economy based on commercial agriculture, industrial development, and the provision of specialized services.
What does Eastern Europe's economy depend on?
Eastern Europe is a bright spot of economic growth. Simultaneously, high sales growth comes from car distribution, the food industry and wholesale trade. Other major industries include Biotechnology, Education, and the Consumer Goods sectors.
What are the Eastern European economies?
In 2016, only three East European economies—Bulgaria, Romania, and Slovakia—are on pace to exceed 3 percent annual GDP growth. Estonia, Croatia, Latvia, Lithuania, Hungary, and Slovenia are all growing more slowly than the euro area average.
Is Eastern Europe more economically developed than Western Europe?
Eastern Europe is considered to be less economically developed than Western Europe.
Which region of Europe is the most economically developed?
The French capital region of Île-de-France had by far the largest economy in GDP terms (EUR 739 billion), and was followed by the northern Italian region of Lombardia (EUR 399 billion) and the southern German region of Oberbayern (EUR 281 billion).
How did European countries become rich and powerful?
Their power stems primarily from the emergence of the Roman Empire that allow the development of primary technologies (agriculture, weaponery, etc.) and trade which enable the development economic poles across those regions that have usually remained and developed through the centuries.
Is Eastern Europe growing?
GDP growth forecast: Eastern Europe, U.S., U.K. and Germany 2010-2026. Annual gross domestic product (GDP) growth rates were-3.41 percent for the United States, -9.84 percent for the United Kingdom, -4.56 percent for Germany, and -4.23 percent for Eastern Europe in 2020.
Is Eastern Europe emerging markets?
Examples of emerging markets include many countries in Africa, most countries in Eastern Europe, some countries of Latin America, some countries in the Middle East, Russia and some countries in Southeast Asia.
How is the Europe economy?
The EU as a whole is the second largest economy in the world, below the US by about $5 trillion....Economy of Europe.StatisticsPopulation748 million (2021)GDP$22.9 trillion (Nominal; 2018) $26.7 trillion (PPP; 2017)GDP growth2.4% (2017)GDP per capita$27,330 (2017; 3rd)4 more rows
What is an important difference between Western European economies and eastern European economies?
Terms in this set (25) What is an important difference between Western European economies and Eastern European economies? Western European economies are highly developed, while Eastern European economies are developing.
How were Western and Eastern Europe different economically during the Middle Ages?
How were Western and Eastern Europe different economically during the Middle Ages? In Western Europe the economic system was self sufficient and was on a manor. In Eastern Europe the economy was based on trade with Asia, African, and other foregin places.
Why did Western European economies grow faster?
Explanation: At the end of World War Two Europe was devastated. The split between the Soviet Union and her Western allies meant that the economic regeneration of Western Europe was seen as imperative in preventing the spread of communism, especially in France and Italy both of whom had large communist parties.
How is the Europe economy?
The EU as a whole is the second largest economy in the world, below the US by about $5 trillion....Economy of Europe.StatisticsPopulation748 million (2021)GDP$22.9 trillion (Nominal; 2018) $26.7 trillion (PPP; 2017)GDP growth2.4% (2017)GDP per capita$27,330 (2017; 3rd)4 more rows
Is Eastern Europe emerging markets?
Examples of emerging markets include many countries in Africa, most countries in Eastern Europe, some countries of Latin America, some countries in the Middle East, Russia and some countries in Southeast Asia.
Is Eastern Europe growing?
GDP growth forecast: Eastern Europe, U.S., U.K. and Germany 2010-2026. Annual gross domestic product (GDP) growth rates were-3.41 percent for the United States, -9.84 percent for the United Kingdom, -4.56 percent for Germany, and -4.23 percent for Eastern Europe in 2020.
What were the effects of Eastern Europe's economic problems and ethnic and religious tensions?
Describe the effects of Eastern Europe's economic problems and ethnic and religious tensions. People lost faith in democracy, and new dictators emerged by promising stronger order and placing blame for economic problems on Jewish people.
What countries are part of the CEE?from en.wikipedia.org
The CEE countries include the former socialist states, which extend west of Russia, Belarus, Ukraine, Moldova; south of Finland and the Baltic Sea; north of Greece; and east of Austria, Italy, and Germany: Estonia - member of the European Union and NATO. Latvia - member of the European Union and NATO.
What does CEE stand for in Europe?from en.wikipedia.org
The term Central and Eastern Europe (abbreviated CEE) has displaced the alternative term East-Central Europe in the context of transition countries, mainly because the abbreviation ECE is ambiguous: it commonly stands for Economic Commission for Europe, rather than East-Central Europe.
What does CEEC stand for?from en.wikipedia.org
The Organisation for Economic Co-operation and Development (OECD) also uses the term "Central and Eastern European Countries (CEECs)" for a group comprising some of these countries.
What is the Eastern Bloc?from en.wikipedia.org
The pre-1989 "Eastern Bloc" (orange) superimposed on current borders. Central and Eastern Europe is a term encompassing the countries in Central Europe, the Baltics, Eastern Europe, and Southeast Europe (the Balkans ), usually meaning former communist states from the Eastern Bloc and Warsaw Pact in Europe. Scholarly literature often uses the ...
Which countries are in Central Europe?from nationsonline.org
In some definitions Switzerlandand Croatiawould also belong to Central Europe, as well as Bosnia-Herzegovina, Montenegro, Serbia, the Republic of Macedoniaand Albania. All these countries are in the Central European Time zone (CET = UTC + 1 hour).
When did Kosovo declare independence?from en.wikipedia.org
The Republic of Kosovo unilaterally declared independence on 17 February 2008. Serbia continues to claim it as part of its own sovereign territory. The two governments began to normalise relations in 2013, as part of the 2013 Brussels Agreement.
Which countries are members of the European Union?from en.wikipedia.org
Germany ( Eastern part) - member of the European Union and NATO. Czech Republic - member of the European Union and NATO. Slovakia - member of the European Union and NATO. Hungary - member of the European Union and NATO. Romania - member of the European Union and NATO. Bulgaria - member of the European Union and NATO.
How many EU countries use the Euro?
Currently, 19 of the 27 EU member states use the euro. Each EU member's central bank is part of the European System of Central Banks, and in addition, those that use the euro are part of the European Union's central bank, the European Central Bank .
What is the Commonwealth of Independent States?
Commonwealth of Independent States. The Commonwealth of Independent States (CIS) is a confederation consisting of 9 of the 15 states of the former Soviet Union, (the exceptions being the three Baltic states, Georgia, Turkmenistan, and Ukraine (Turkmenistan and Ukraine are participating states in the CIS)).
What is the financial sector in Europe?
Europe has a well-developed financial sector. Many European cities are financial centres with London being the largest. The financial sector of the Eurozone is helped by the introduction of the euro as common currency. This has made it easier for European households and firms to invest in companies and deposit money in banks in other European countries. Exchange rate fluctuations are now non-existent in the Eurozone. The financial sector in Central and Eastern Europe is helped by economic growth in the region, European Regional Development Fund and the commitment of Central and Eastern European governments to achieve high standards.
What is Europe's manufacturing industry?
Europe has a thriving manufacturing sector, with a large part of the world's industrial production taking place in Europe. Most of the continent's industries are concentrated in the ' Blue Banana ' (covering Southern England, the Benelux, western Germany, eastern France, Switzerland, and northern Italy). However, because of the higher wage level and hence production costs, Europe is suffering from deindustrialization and offshoring in the labour-intensive manufacturing sectors. This means that manufacturing has become less important and that jobs are moved to regions with cheaper labour costs (mainly China and Central and Eastern Europe).
What countries are part of the CEFTA?
The Central European Free Trade Agreement (CEFTA) is a trade bloc of: Albania, Bosnia and Herzegovina, North Macedonia, Moldova, Montenegro, Serbia and the United Nations Interim Administration Mission in Kosovo (UNMIK) on behalf of Kosovo.
What happened after the Revolutions of 1989?
After the Revolutions of 1989, states in Central Europe and the Baltic states dealt with change, former Yugoslavian republics descended into war and Russia, Ukraine and Belarus are still struggling with their old systems.
How does agriculture help Europe?
The process of improving Central Europe's agriculture is ongoing and is helped by the accession of Central European states to the EU. The agricultural sector in Europe is helped by the Common Agricultural Policy (CAP), which provides farmers with a minimal price for their products and subsidizes their exports, which increases competitiveness for their products. This policy is highly controversial as it hampers free trade worldwide ( protectionism sparks protectionism from other countries and trade blocs: the concept of trade wars) and is violating the concept of fair trade .
Early modern Europe: 1500–1800
The age of exploration, seen from the European point of view, introduced major economic changes. The Columbian exchange resulted in Europe adopting new crops, as well as shaking up traditional cultural ideas and practices.
Industrial Revolution: 1750s–1840s
The Industrial Revolution brought factories to Europe, especially England and Scotland, 1750s to 1830s. France and the U.S. experienced its industrial revolution in the early 19th century; Germany in the 19th century; and to Russia in the early-mid 20th century.
Germany between the wars
After the war, Germany was supposed to pay all of the war reparations according to the Treaty of Versailles. The policy angered the Germans and caused deep resentment, especially of the sort that the Nazis capitalized upon. However the sums actually paid were not large, and were financed by loans from New York in the Dawes Plan.
World War II
The home front covers the activities of the civilians in a nation at war. World War II was a total war that was ultimately decided in the factories and workplaces of the Allies of World War II, which had a much better performance than the Axis powers.
Where is wheat grown?
Wheat is grown on the better soils, oats and rye on the poorer soils and moister lands. Mixed farming and the use of well-tried crop rotations are widely practiced. Viticulture, although widely distributed south of about latitude 50° N, is especially important in Italy, France, and Germany.
How did modernization affect agriculture?
The traditional method of cultivation involved periodically allowing land to remain fallow; this gave way to continuous cropping on more efficiently plowed fields that were fertilized with manure from animals raised as food for rapidly expanding urban markets. Greater wealth was accumulated by landowners at the same time that fewer farmhands were needed to work the land. The accumulated capital and abundant cheap labour created by this revolution in agriculture fueled the development of the Industrial Revolution in the 18th century.
What is the core-periphery problem?
This “core-periphery” problem has been particularly acute in situations where the contrasting regions are inhabited by different ethnic groups. Lessening such disparity continues to be a priority for national governments as well as the EU.
What was the first modern economy in Europe?
Europe was the first of the major world regions to develop a modern economy based on commercial agriculture, industrial development , and the provision of specialized services. Its successful modernization can be traced to the continent’s rich endowment of economic resources, its history of innovations, the evolution of a skilled and educated labour force, and the interconnectedness of all its parts—both naturally existing and man-made—which facilitated the easy movement of massive quantities of raw materials and finished goods and the communication of ideas.
What is Europe's biggest producer?
Its yields of rye, potatoes, oats, and wheat are among the world’s largest. Land use in Europe.
What are the major crops in Belarus?
As for industrial crops, Russia, Ukraine, and Belarus are large producers of fl ax and hemp, sugar beets (also grown widely elsewhere as a rotation crop), and (except for Belarus) sunflower seeds (for edible oil). Tobacco is grown in Belarus and also is important in Bulgaria, Italy, and Macedonian Greece.
How much land is arable in Europe?
Arable land in Europe covers less than one-third of the total area, a favourable comparison, for example, with the United States (about one-fifth). Figures for individual countries vary sharply, from about one-half of the land in Denmark to less than one-twentieth in Norway.
What were the social changes of the 14th century?
Social changes also were pervasive. With a falling population, the cost of basic foodstuffs (notably wheat) declined. With cheaper food, people in both countryside and city could use their higher earnings to diversify and improve their diets—to consume more meat, dairy products, and beverages. They also could afford more manufactured products from the towns, to the benefit of the urban economies. The 14th century is rightly regarded as the golden age of working people.
How did human losses affect the balance of production?
The huge human losses altered the old balances among the classical “factors of production”— labour, land, and capital. The fall in population forced up wages in the towns and depressed rents in the countryside, as the fewer workers remaining could command a higher “scarcity value.” In contrast, the costs of land and capital fell; both grew relatively more abundant and cheaper as human numbers shrank. Expensive labour and cheap land and capital encouraged “factor substitution,” the replacement of the costly factor (labour) by the cheaper ones (land and capital). This substitution of land and capital for labour can be seen, for example, in the widespread conversions of arable land to pastures; a few shepherds, supplied with capital (sheep) and extensive pastures, could generate a higher return than plowland, intensively farmed by many well-paid labourers.
What were the effects of the disasters of the late Middle Ages?
Culturally, the disasters of the late Middle Ages had the effect of altering attitudes and in particular of undermining the medieval faith that speculative reason could master the secrets of the universe. In an age of ferocious and unpredictable epidemics, the accidental and the unexpected, chance or fate, rather than immutable laws, seemed to dominate the course of human affairs. In an uncertain world, the surest, safest philosophical stance was empiricism. In formal philosophy, this new priority given to the concrete and the observable over and against the abstract and the speculative was known as nominalism. In social life, there was evident a novel emphasis on close observation, on the need to study each changing situation to arrive at a basis for action.
What was the importance of capital in the Middle Ages?
Capital could also support the technology required to develop new tools, enabling labourers to work more productively. The late Middle Ages was accordingly a period of significant technological advances linked with high capital investment in labour-saving devices. The development of printing by movable metal type substituted an expensive machine, the press, for many human copyists. Gunpowder and firearms gave smaller armies greater fighting power. Changes in shipbuilding and in the development of navigational aids allowed bigger ships to sail with smaller crews over longer distances. By 1500 Europe achieved what it had never possessed before: a technological edge over all other civilizations. Europe was thus equipped for worldwide expansion.
What was the 14th century?
The 14th century is rightly regarded as the golden age of working people. Economic historians have traditionally envisioned the falling costs of the basic foodstuffs (cereals) and the continuing firm price of manufactures as two blades of a pair of open scissors.
How did the medieval disasters affect the European society?
The late medieval disasters radically transformed the structures of European society—the ways by which it produced food and goods, distributed income, organized its society and state, and looked at the world. The huge human losses altered the old balances among the classical “factors of production”— labour, land, and capital.
What was the economic background of the century?
The economic background. The century’s economic expansion owed much to powerful changes that were already under way by 1500. At that time, Europe comprised only between one-third and one-half the population it had possessed about 1300.
Why did the Eastern Bloc end?
For the other Eastern Bloc countries, the end of communism was generally peaceful (excluding Yugoslavia), and economic restrictions played a smaller role than in Poland or Romania. The most-commonly cited reasons for Czechoslovakian and Yugoslavian dissolution were ethnic or national differences. Economic instability in the rest of the Bloc did contribute to socialism's end, but was just one part of the reduction in living standards, political instability, and growing western presence that drove the desire for democratization. When Gorbachev discontinued the Brezhnev Doctrine in 1988, allowing Eastern Bloc countries to determine their own futures, the wave of protests across Eastern Europe created something of a domino effect. On December 25, 1991, the Soviet Union became the last Eastern Bloc country to democratize, bringing an end to communism in Europe.
What was the economic impact of Eastern Europe after the war?
After recovery from the war, virtually all the Eastern Bloc countries experienced explosive economic growth during what became the continent’s most prosperous period. Eastern Europe often outpaced the west in many areas, during a time that brought about significant change for the people of Central and Eastern Europe; and rapid industrialization led to urbanization, while new technologies and the socialist system transformed daily life. Self-sustainability was at the core of communist ideology (particularly under Stalin’s influence), and in early years international trade was relatively low. When expanded, trade was largely kept between communist countries, with the USSR becoming the largest trading partner of the other COMECON countries. The USSR’s trade with other Eastern Bloc countries was, however, detrimental at times as imported goods were often more expensive and of poorer quality than those available from the west or Asia. Nonetheless, trade was kept within the Bloc in order to foster mutual growth and prevent foreign influence, but commitment to this system would eventually lead to the economic collapse of communist Europe.
What were the main causes of the Soviet Union's dissolution?
For the Soviet Union, there was no single factor that caused its dissolution, but attempts to reform the stagnating economy did play a crucial role. Gorbachev's implementation of ‘ perestroika ’ in the late-1980s, which included some free-market policies being introduced to the government-run economy, was the most important economic factor. The removal of price controls saw the cost of certain items skyrocket, and accelerated the growth and normalization of the black market, which some estimates suggest was worth 10 percent of the Soviet GDP in the late 1980s. A history of excessive military spending limited the reallocation of funds to other areas of the economy, and the backlash to the political and bureaucratic restructuring hindered the effective implementation of these reforms. International factors, such as falling oil prices, additionally weakened the USSR's influence outside COMECON, although the largest international influences were the protests across the Eastern Bloc. Economic decline contributed to internal strife within the Communist Party; along with the liberalization of Soviet society and the media, these saw the government lose its control over the general population, who eventually demanded democratic reforms, independence for their own republics, and international integration.
What did the Eastern Bloc regret?
Thirty years on, few people in Europe’s former eastern bloc regret the monumental political, social and economic change unleashed by the fall of communism – but at the same time few are satisfied with the way things are now, and many worry for the future.
What percentage of Spaniards believe homosexuality should be accepted by society?
It also revealed a sharp east-west divide on attitudes to some social issues, with western Europeans expressing far more progressive views: 94% of Swedes and 89% of Spaniards said homosexuality should be accepted by society, for example, against 28% of Lithuanians and 14% of Ukrainians.
How many Poles give their lives a rating out of 10?
Then, for example, just 12% of Poles, asked to give their lives a rating out of 10, gave a 7, 8, 9 or 10. Today, the figure is 56%.
What is the difference between East and West Germany?
The survey found major differences remaining between east and west Germany, with east Germans less satisfied with their country’s overall direction and how democracy was working there than those in the west.
What are the most positive things about Central and Eastern Europe?
Asked how they felt their countries had advanced, central and eastern Europeans were most positive about education (65%), living standards (61%) and national pride (58%). They were less happy about about law and order (44%) and family values (41%), and a majority (53%) said healthcare had got worse in the post-communist era.
How long after communism did Eastern Europe split?
30 years after communism, eastern Europe divided on democracy's impact. This article is more than 1 year old.
Did ordinary people benefit from communism?
Central and eastern European nations also harboured a widespread view that politicians, and to some extent businesspeople, had benefited personally and excessively from the fall of communism, while “ordinary people” had largely not .
Which country had the most varied pattern of development?
Of all the early industrialisers France had the most varied pattern of development. Although its pattern of industrialisation differed from Great Britain, it was no less efficient, and in terms of human welfare, may have been even more efficient. It seems that the French pattern was more of a model for late successful industrialisers than the British model.
Why did the 19th century not industrialize?
The failure to industrialise significantly before 1914 was due to low levels of per capita income and high poverty rates. But the regions showed marked regional variations with a few islands of modernity, for example in the north of Italy, surrounded by seas of backwardness. Second, very low levels of human capital were responsible for the lack of economic growth; Italy, Spain and Russia were at the bottom of adult literacy and primary school enrolment. Third, the lack of any meaningful agrarian reform and low levels of agricultural productivity impeded industrialisation processes and finally the countries suffered under varying degrees of autocratic, authoritarian, corrupt and inefficient governments.
How did agriculture increase?
The agricultural production increased enormously: First, because the amount of land under cultivation was extended, fallow was abolished and former waste land was cultivated. Second, new and more scientific techniques, fertiliser, natural and later artificial, were introduced and more efficient tools and instruments could be used because of the price reduction of iron. Later in the century steam-driven threshers and mechanical reapers were invented.
What were the limitations of the growth of the urban population in Europe?
The growth of the urban population in Europe was extraordinary. Historically the chief limitation on the growth of cities had been economic, namely it was impossible to supply large urban populations. Technological innovations and transport improvements relaxed these limitations.
Why is the region of France important?
Due to its location, tradition and political connections the region received important infusions of foreign technology, entrepreneurship, capital and had a favoured position in several foreign markets , e.g. in France.
How many people were in Europe in 1800?
In 1800 the European population counted around 200 million, the world’s around 900 million. In the 19 th century growth accelerated to around 400 million in Europe in 1900; 1.6 billion in the world. Such high rates of growth were unprecedented.
What was the economic development of Europe in the 19th century?
ECONOMIC DEVELOPMENT IN EUROPE IN THE 19th CENTURY. The 19 th century was characterised by the triumph of industrialism, especially in western Europe. Modern industry spread from Great Britain to Belgium, France, Germany and to the USA and later to other areas of the world.
Overview
The economy of Europe comprises about 748 million people in 50 countries. The formation of the European Union (EU) and in 1999 the introduction of a unified currency, the Euro, brought participating European countries closer through the convenience of a shared currency and has led to a stronger European cash flow. It is important to know the European Union is not a country, rather a global unique organisation, the entity with the biggest economy in the world. The Europe…
Economic development
Prior to World War II, Europe's major financial and industrial states were the United Kingdom, France and Germany. The Industrial Revolution, which began in Britain, spread rapidly across Europe, and before long the entire continent was at a high level of industry. World War I briefly led to the industries of some European states stalling, but in the run-up to World War II Europe recovered we…
Regional variation
European countries with a long history of trade, a free market system, and a high level of development in the previous century are generally in the north and west of the continent. They tend to be wealthier and more stable than countries congregated in the European East and South, even though the gap is converging, especially in Central and Eastern Europe, due to higher growth rates.
Economic sectors
Europe's agricultural sector is in general highly developed. The process of improving Central Europe's agriculture is ongoing and is helped by the accession of Central European states to the EU. The agricultural sector in Europe is helped by the Common Agricultural Policy (CAP), which provides farmers with a minimal price for their products and subsidizes their exports, which increases competitiveness for their products. This policy is highly controversial as it hampers fre…
Global trade relations
The bulk of the EU's external trade is done with China, Mercosur and the United States, Japan, Russia and non-member European states.
EU members are represented by a single official at the WTO.
The EU is involved in a few minor trade disputes. It had a long running dispute with the USA of allegedly unfair subsidies the US government gives to several companies, such as Boeing. The E…
See also
• Free trade areas in Europe
• Golden Banana
• Cryptocurrencies in Europe
• Culture of Europe
• List of companies of the European Union
External links
• Media related to Economy of Europe at Wikimedia Commons
Overview
This article covers the Economic history of Europe from about 1000 AD to the present. For the context, see History of Europe.
Early modern Europe: 1500–1800
The age of exploration, seen from the European point of view, introduced major economic changes. The Columbian exchange resulted in Europe adopting new crops, as well as shaking up traditional cultural ideas and practices. The commercial revolution continued, with Europeans developing mercantilism and European imports of luxury goods (notably spices and fine cloth ) from eastern …
Middle Ages
Early in the first millennium, improvements in technique and technology began to emerge. Monasteries spread throughout Europe and became important centers for the collection of knowledge related to agriculture and forestry. The manorial system, which existed under different names throughout Europe and Asia, allowed large landowners significant control over both their land and its l…
Industrial Revolution: 1750s–1840s
The Industrial Revolution brought factories to Europe, especially England and Scotland, 1750s to 1830s. France and the U.S. experienced its industrial revolution in the early 19th century; Germany in the 19th century; and to Russia in the early-mid 20th century.
In Britain, the Industrial Revolution was a period of economic transformation from the 1750s to the 1830s, characterized by the growth of a new system comprising factories, railroads, coal mi…
Germany between the wars
After the war, Germany was supposed to pay all of the war reparations according to the Treaty of Versailles. The policy angered the Germans and caused deep resentment, especially of the sort that the Nazis capitalized upon. However the sums actually paid were not large, and were financed by loans from New York in the Dawes Plan. Payments ended in 1931, but in the 1950s West Germany did …
World War II
The home front covers the activities of the civilians in a nation at war. World War II was a total war that was ultimately decided in the factories and workplaces of the Allies of World War II, which had a much better performance than the Axis powers. Indeed, Germany and Japan depended as much or more on plunder of conquered territories than they did on their own production. Life on the home front during World War II was a significant part of the war effort for all participants and ha…
Post–World War II
The Marshall Plan (officially the European Recovery Program or ERP) was a system of American economic aid to Western Europe 1948–51. It played a major role in the economic recovery, modernization, and unification of Europe. In three years the ERP gave away $12.4 billion (about 5% of the 1948 American GDP of $270 billion) for modernizing the economic and financial systems and rebuilding the industrial and human capital of war-torn Europe, including Britain, Ge…
The Euro
The Euro became the official currency of certain European Union members on January 1, 2001. The currency was signed into effect in 1992 in the Treaty of Maastricht. The initial idea behind the Euro was that it eliminates exchange rates between European nations and makes currency fluctuation risks minimal.
The nations involved in the initial treaty were Austria, Belgium, Finland, France, Germany, Greece…