Britain's Economy: The Roots of Stagnation
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.
What people are saying - Write a review
We haven't found any reviews in the usual places.
The first glimpse
The beginnings of Thatcherism
The view from the Prices and Incomes Board Incomes
The view from the Prices and Incomes Board Prices
How a Commission for Industry and Manpower might work
The view from within British industry
The Thatcherite counterrevolution
An energy policy
ACARD Archives Centre back-benchers balance of payments bargaining Britain British economic British industry budget Cabinet Cambridge capital cent chairman Chancellor Churchill College civil Cmnd Coal Board Committee competition Corporation cost defence demand Department effect electricity employees employment energy European example exports fact firms Fuel and Power Government House of Commons Ibid important incomes policy inflation investment John Junor Keynesian labour later Lord London Lord Mills Macmillan Magnox manufacturing ment million Ministry of Fuel Ministry of Supply monetarist Monopolies Commission National National Coal Board nationalised industries NBPI non-executive North Sea nuclear power officials organisation output political Price Commission price increase prices and incomes Prime Minister private sector privatisation problem productivity profits programme reactor research and development result rise shareholders Sir Harold Hartley staff target tion trade unions Treasury TSR2 United Kingdom wages