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The Impact Of The British Model On Economic Growth

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  • György Simon, Jr

Abstract

The paper is searching for an answer to the question how the British model affected economic development in its mother country, the United Kingdom . The statistical analysis, models of mathematical economics and econometric investigation make it probable to conclude that there was a substantial difference in success between the Thatcherite and Blairite economic policies; the latter proved more effective. It is particularly remarkable that the Blairite model, connecting privatisation with a successful employment policy, reduced unemployment and social sensitivity, has not only speeded up economic growth but also improved economic equilibrium, curtailing, among others, the budget deficit.

Suggested Citation

  • György Simon, Jr, 2007. "The Impact Of The British Model On Economic Growth," Economic Annals, Faculty of Economics and Business, University of Belgrade, vol. 52(174-175), pages 45-72, July - De.
    • Handle: RePEc:beo:journl:v:52:y:2007:i:174-175:p:45-72
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    File URL: http://ea.ekof.bg.ac.rs/pdf/174-175/1-3.pdf
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    References listed on IDEAS

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    5. Bean, Charles R & Crafts, Nicholas, 1995. "British Economic Growth Since 1945: Relative Economic Decline .... and Renaissance?," CEPR Discussion Papers 1092, C.E.P.R. Discussion Papers.
    6. N. Gregory Mankiw & David Romer & David N. Weil, 1992. "A Contribution to the Empirics of Economic Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 107(2), pages 407-437.
    7. Barro, Robert J & Lee, Jong-Wha, 2001. "International Data on Educational Attainment: Updates and Implications," Oxford Economic Papers, Oxford University Press, vol. 53(3), pages 541-563, July.
    8. Nicholas Crafts & Terence C. Mills, 2005. "TFP Growth in British and German Manufacturing, 1950-1996," Economic Journal, Royal Economic Society, vol. 115(505), pages 649-670, July.
    9. World Bank, 2006. "World Development Indicators 2006," World Bank Publications - Books, The World Bank Group, number 8151, December.
    10. J. Barkley Rosser, Jr. & Marina V. Rosser, 2004. "Comparative Economics in a Transforming World Economy, 2nd Edition," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262681536, December.
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    12. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
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    Cited by:

    1. György Simon, 2008. "Basic Questions Of Economic Growth Mechanism," Economic Annals, Faculty of Economics and Business, University of Belgrade, vol. 53(176), pages 7-37, January -.

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    More about this item

    Keywords

    economic policy; economic theory; growth models; international analyses and comparisons; globalisation;
    All these keywords.

    JEL classification:

    • E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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