Following centuries of bold explorations in science, navigation and engineering, Continental Europe in the 20 th century launched major social innovations. New economic policies and institutions were invented in the belief that a more rationally and humanely organized economy would deliver higher productivity and wages, greater job satisfaction, lower unemployment, wider participation, and milder slumps. This has resulted in a market economy that retains private ownership, but that looks very different from other market economies, such as America's.
Following centuries of bold explorations in science, navigation and engineering, Continental Europe in the 20 th century launched major social innovations. New economic policies and institutions were invented in the belief that a more rationally and humanely organized economy would deliver higher productivity and wages, greater job satisfaction, lower unemployment, wider participation, and milder slumps. This has resulted in a market economy that retains private ownership, but that looks very different from other market economies, such as America's.