Growth in the U.K. Economy :: Economics Britain Essays

Growth in the U.K. EconomyAfter the split second human beings War, Britain enjoyed the longest boom in its news report until the 1973-74 oil crisis. There argon many, though, who donot view this as a successful plosive speech sound of Britains history. AlthoughBritain experienced unprecedented result, its rate of growth wasslower than that for many some other countries. It is in that respectfore debatableas to whether this was a successful period of time of Britains history ornot. This essay will examine the statistics of Britains growth afterthe Second World War and compare this to statistics for othercountries as well as statistics from Britains past. This will provideevidence to accurately assess Britains growth operation during thisperiod. The essay will also examine possible reasons for Britainsrelative blood such as demand management G everywherenment policies,balance of payments problems, an over reliance on traditionalmanufacturing industries, low investment in cork ing stock, Trade Unionpower, poor management, poor business structure and a poor educationsystem.The 25 years from 1948 to 1973 produced growth faster than had beenseen in any previous period of equivalent length. During this period,real gross interior(prenominal) product doubled. The increase in the average growth rate from 2% to 2.8% shows that UKproductivity increased considerably. During the 1950s, there were no preserves about the UK growth rate. The tired of living was still high-pitcheder than that of any other EEC state of matter except Belgium and higherthan it had ever been in Britains history. It was twice as high asItaly and 50% higher than West Germany.When compared to the performance of other countries, though, UK growth evaluate are less impressive. Other EEC countries had growth ratesroughly double that of the UK, between 5% and 6%. This caused greatconcern amongst many politicians and economists at the time. Mosteconomists look back on the period as a failure. Elbaum and Lazonick,two North American economists say If there is much to be learnedfrom the Japanese success, it is our conviction that the United States may fuck off even more to learn from the decline of Britain The significance of a difference of 3% in the growth rate is that, iftwo countries throw off a level start, the faster growing country will havetwice the output of the slower country in 25 years. This showed thatBritain was in relative decline and justified some of the fears of