The European Macroeconomy
Growth Integration and Cycles, 1500-1913. Edward Elgar Monographs
This comprehensive and far-reaching book describes the growth and economic integration of the European economy from 1500 to 1913. The authors apply macroeconomic techniques to identify growth rates, inflation, product markets, trade networks and business cycles across a set of countries over the period. The book demonstrates that growth was the natural state for European economies throughout the period although, under the impetus of the industrial revolution, growth rates generally accelerated by the end of the nineteenth century. Similarly, business cycles in the modern sense seem to have been in evidence at the beginning of the period but by the eighteenth century there is no doubt that modern cycles affected these countries, sometimes simultaneously. Inflationary episodes are both distinct and shared in this long period, with the long inflation of the sixteenth century attesting to the integration of European markets. Finally, the authors find abundant quantitative evidence to support the argument that economies linked by international trade in 1500 came close to achieving global integration by 1913.
The European Macroeconomy will be of interest to scholars of economic history, international economics and macroeconomics.
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What Reviewers Are Saying
'... a useful companion when teaching European economic history.' -- - Karl Gunnar Persson, The International History Review 'The volume will be especially useful for those interested in a historical perspective on economic growth and integration, European or otherwise. Recommended for upper-division undergraduate and graduate students, and researchers/faculty.' -- R. Grossman, Choice 'European economic history currently lacks a good textbook that might appeal to undergraduate students with a background in economics... This book by Lee Craig and Douglas Fisher ... is thus to be welcomed as filling an important gap in the textbook market. It is to be doubly welcomed, however, for doing an excellent job... Overall, I found this a stimulating book. European economic history badly needs a fresh approach and this is one way of doing it.' -- Stephen Broadberry, EH.Net 'Within a macroeconomic framework on growth and cyclical fluctuations, the authors have written a refreshing and stimulating account of the development and integration of the European economy since the start of modern economic growth. They highlight features of continuity and uniformity against the background of economic change. Very readable and instructive and it should provide an ideal text for students keen to learn how Europe came to dominate the world in the centuries before 1914.' -- Derek H. Aldcroft, Manchester Metropolitan University, UK