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The main purpose of this paper is to review the lessons of the "Golden Age" with respect to establishing and maintaining full employment in advanced countries. The golden age, generally regarded as spanning 1950-1973 was a unique period in West European economic history. During this period of about 25 years following the end of the Second World War, the West European economies expanded at the unprecedented rate of 5 per cent per annum, nearly twice the rate recorded during any previous phase, and more than twice the average rate of growth from 1820 to 1950.
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