Living standards in Southern Europe over the long run

This chapter reviews how material conditions improved in Italy, Spain, Portugal, and Greece over many decades from the postwar period to the onset of the Eurozone crisis and the Great Recession; how Southern Europe lost ground in the 2010s; and how changes in living standards affected different population groups. The chapter unfolds in 15 short sections. Section 4.1 sets the scene by briefly discussing similarities and differences between the four countries. Section 4.2 recounts how life in Southern Europe was transformed since the mid-20th century in terms of material well-being. Sections 4.3-4.14 look at changes in gross domestic product, consumption, investment, labour productivity, employment, education attainment, population health, social spending, income inequality, poverty and social exclusion, the distribution of wealth, and life satisfaction. Section 4.15 concludes.