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The World Economy between the World Wars$
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Charles H. Feinstein, Peter Temin, and Gianni Toniolo

Print publication date: 2008

Print ISBN-13: 9780195307559

Published to Oxford Scholarship Online: May 2008

DOI: 10.1093/acprof:oso/9780195307559.001.0001

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Epilogue: The Past and the Present

Epilogue: The Past and the Present

(p.179) Chapter 10 Epilogue: The Past and the Present
The World Economy between the World Wars

Charles H. Feinstein (Contributor Webpage)

Peter Temin (Contributor Webpage)

Gianni Toniolo

Oxford University Press

This chapter contrasts the consequences of the First and Second World Wars. It starts by reviewing the cooperation among the Allies during and following the Second World War: Lend-Lease, the Bretton Woods System, GATT, and the Marshall Plan. These specific measures also created a general framework of cooperation and good feeling that contrasted sharply with the acrimonious residue of the First World War. International leadership, also called hegemony, passed from Europe to the United States, initiating “the American century”. The welfare state and macroeconomic management expanded. The chapter closes with a comparison of the two postwar experiences with those after the end of the Cold War around 1990, asking if the new globalization will have a backlash similar to the interwar years.

Keywords:   Bretton Woods, Marshall Plan, hegemony, colonialism, welfare state, macroeconomic management, Cold War, globalization backlash, postwar settlements

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