I’ve been trying to understand the long-run economic relationship between Western Europe and the United States, and I’m a bit confused about the timeline.
From what I’ve heard, the US was far ahead of Western Europe economically right after WWII, which makes sense given the destruction in Europe. I’ve also seen a lot of discussion lately saying that the US has pulled ahead again in recent years (especially in terms of productivity, GDP per capita, and tech sectors).
If both of those things are true, then it seems like there must have been some period in between when Western Europe was closest to the US economically — maybe during the postwar convergence decades?
So my question is: when was Western Europe most similar to the US in terms of economic strength or living standards? Was it the late 1970s? 1990s? Early 2000s? And what metrics should I even be looking at (GDP per capita, productivity, median income, something else)?
When was Western Europe closest to the US economically?
byu/SpiceGig-429 inAskEconomics
Posted by SpiceGig-429