A Possible Transformation Policy for Britain
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We have already put forward the view in previous chapters and elsewhere1 that a country’s economic growth rate is crucially dependent upon the efficiency of the transformation process which transfers short-term savings in the banks and longer-term savings in financial institutions into long-term plant and machinery investments in the factories. Our conclusion was that UK manufacturing industry was, and is, suffering a relative disadvantage, especially compared with industry in West Germany or Japan, due to the paucity of long-term external investment finance in the UK and its availability elsewhere. This book lays out the evidence for that viewpoint in more detail than could possibly be covered in an article.
KeywordsBanking System Pension Fund Investment Fund British Government Consumer Credit
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- 6.Andrew Glyn and Bob Sutcliffe, British Capitalism: Workers and the Profits Squeeze, Penguin Books, 1972.Google Scholar