I was able to find some interesting statistics by economist Angus Maddison pointing out how long it took for European countries to recover from the effects of the World Wars. World War I was particularly devastating as one can see from the table below. Even the neutrals were effected, but for most of the continent, an entire decade or more of economic growth was wiped away. Recovery from World War II was much faster, in no small part due to the Marshall Plan and the Bretton Woods system established after that war. Nevertheless, even in major economies like Germany and Italy, over a decade of potential economic growth was once again squandered.
It is little wonder that the convergence of lifestyles between North America and Western Europe really did not happen until the early 1960s. The automobile for instance was a thing of the rich in Europe until the late 1950s, whereas in the United States it had been common since the early 1920s. Refrigerators, Washing Machines, Telephones which had also been common since the late 1920s in the US, only became prevalent among European families in the 1960s. It is interesting to note that once Europe was free from war, industrial production was able to focus on consumer durables and with the rise of disposable incomes, Europeans were able to become consumers. By the 1970s and 1980s, consumer goods were actually penetrating Western European households faster than there American counterparts (VCRs for instance).
Post-War GDP Recovery to 1913 Levels
1919 Greece, Netherlands, Norway
1920 Spain, Switzerland
1921 Portugal
1922 Belgium, Denmark, France, Italy, Yugoslavia
1923 Czechoslovakia, Finland
1924 Sweden, United Kingdom
1925 Hungary
1926 Germany, Poland
1927 Austria
1928 Ireland
1933 USSR
1937 Bulgaria
1959 Romania
Post-War GDP Recovery to 1938 Levels
1945 Finland
1946 Denmark, Norway
1947 Netherlands
1948 Belgium
1949 France
1950 Italy
1951 Austria, Germany
It is little wonder that the convergence of lifestyles between North America and Western Europe really did not happen until the early 1960s. The automobile for instance was a thing of the rich in Europe until the late 1950s, whereas in the United States it had been common since the early 1920s. Refrigerators, Washing Machines, Telephones which had also been common since the late 1920s in the US, only became prevalent among European families in the 1960s. It is interesting to note that once Europe was free from war, industrial production was able to focus on consumer durables and with the rise of disposable incomes, Europeans were able to become consumers. By the 1970s and 1980s, consumer goods were actually penetrating Western European households faster than there American counterparts (VCRs for instance).
Post-War GDP Recovery to 1913 Levels
1919 Greece, Netherlands, Norway
1920 Spain, Switzerland
1921 Portugal
1922 Belgium, Denmark, France, Italy, Yugoslavia
1923 Czechoslovakia, Finland
1924 Sweden, United Kingdom
1925 Hungary
1926 Germany, Poland
1927 Austria
1928 Ireland
1933 USSR
1937 Bulgaria
1959 Romania
Post-War GDP Recovery to 1938 Levels
1945 Finland
1946 Denmark, Norway
1947 Netherlands
1948 Belgium
1949 France
1950 Italy
1951 Austria, Germany
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