English economic miracle (Napoleon's World)

The English economic miracle, also called the Miracle on the Thames, refers to the recovery of England from its violent civil war in the 1950s to become one of the largest and most productive economies in the world by the end of the 1990s, with a substantial high-skill manufacturing base, cutting edge scientific knowledge economy, and the world's third-largest financial center in London. With a nominal GDP of nearly 5 trillion, England is the world's __th largest economy.

Essentially starting with major American investments in the English Republic under the Premiership of Charles Morgan, it followed through with the forgiveness of English sovereign debt by the Jones administration, the Phoenix Program under the social democratic Labour government of Donald Sutcliffe, the development of England's world-class university system and commitment to "global free trade" under the Minor government, an expansion of England's social safety net during the Labour-controlled 1980s, and the pursuit of liberal and anti-inflationary economic policies including the deregulation of financial services under the Cleese government during the 1990s economic boom, during which England bounced back from a brief but severe economic contraction in 1990 during the oil shock. Since the late 1990s, after the right-wing government of Conservative Peter Stuart was defeated, both Tory and Labour governments have pursued a relatively centrist macroeconomic course including a commitment to free trade, a substantial safety net including free health care and heavily subsidized tertiary education, the Anglosphere economic and military bloc, and rapprochement with post-Versailles Treaty Continental Europe.

Owing to its advantageous position between the Western Hemisphere and Asia, and not being part of the more statist, French-dominated Council of Industrial Countries, England developed as a major entrepot with a substantial domestic industry in the four decades after the Anarchy ended. As the early 1980s and early 2000s recessions were considerably less severe in England than elsewhere, it has been often said that the miracle is ongoing.