Britain's Economy: The Roots of Stagnation

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CUP Archive, 1985 - Social Science - 158 pages
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It has long been recognised that Britain has declined relatively to other countries, although there are differences of view both on the beginning of the decline and its causes. The author pinpoints two causes: first, a technological inferiority which has resulted in the country's exporting goods of poorer quality and importing goods of higher quality; secondly, the tendency for an upward pressure on incomes, from a society of political equals where each individual has expectations of a level of income reasonably comparable with others. The claims of different groups are easily accommodated in a semi-monopolistic industrial structure and are passed on in higher prices. Keynes recognised the latter problem of cost-push; but his intellectual revolution was not accompanied by a change of institutions, which continued to act in accordance with an earlier tradition. The present Government has reached a false diagnosis in ascribing the country's problems to too much money. It has therefore worsened the situation and weakened such hopes as there were of improvement.
  

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Contents

The first glimpse
1
The beginnings of Thatcherism
9
The market
19
Coal
24
Electricity
35
Nuclear Power
43
Gas
52
Oil
58
Aircraft
71
Technology
85
The view from the Prices and Incomes Board Incomes
94
The view from the Prices and Incomes Board Prices
109
How a Commission for Industry and Manpower might work
115
The view from within British industry
126
The Thatcherite counterrevolution
133
Index
151

An energy policy
63

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