Post-Mortem on British Economic Policy 1960–1976
In 1960, real national product per head in the United Kingdom (estimated at purchasing power parities) was rather higher — perhaps about five per cent higher — than in either France or West Germany (Paige, 1961). By 1976, it was some twenty-five per cent lower (Kravis, Heston and Summers, 1978)(1). No other industrial country, in the last twenty years or so, has changed so many places in the rank order of standards of living. This is the main measure of the British economy’s lack of success. Nor is the record better, measured by other indicators of economic performance — the movement of retail prices or the level of unemployment. The UK’s price record is significantly worse than the industrial world’s average, over this twenty-year period, and its unemployment record is no better than average.
KeywordsExchange Rate Industrial Policy Demand Management Import Price Income Policy
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