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By Derek Wilson

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A brief history of the circumnavigators

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9 Eoin O’Malley, ‘Ireland. ), European Industrial Policy. The TwentiethCentury Experience, Oxford: Oxford University Press (1999), pp. 215–232. 4 European growth and convergence, 1950–1973 Source: Maddison (2001), table A 1-d. Germany with 1991 frontiers. 10 The UK economy was the slowest grower, even though it was expanding faster than at any previous period in history. Given their initial incomes, France, Germany and Italy broadly performed in a similar fashion. 4). 4 presents quite compelling evidence for the shortcomings of the Soviet economic empire, even where catching up is concerned.

46 It is important to distinguish between the immediate post-war planning for reconstruction with direct controls in Western Europe and the later phase of 1960s planning. Plan implementation was problematic in this second case, even in cases where large sectors of industry were state owned. Selective policy instruments were taxation and credit planning, but at its peak, planning was largely indicative in France, the UK, Netherlands, Norway, Sweden and Belgium. Germany, with its ‘social market economy’, remained ideologically opposed (although in 1967 West Germany passed a ‘Law for Promoting Stability and Growth in the Economy’ to permit five-year planning and deficit spending).

On the other hand, US pressure on Italy was ineffective (partly because of concern about communism). The Italian government was always about to present to parliament the law to eliminate restrictive business practices, but the draft never reached the assembly. In 1952–53 the government assigned the monopoly of oil and gas drillings in Italy to a new state-owned company, ENI, despite the efforts of American oil companies. The earliest restrictive practices legislation in the UK (1948) was largely ignored, while later legislation (1956, 1965, 1968, 1973) was not enthusiastically enforced.

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