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The Decline of the British Economy: An Institutional Perspective

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  • Elbaum, Bernard
  • Lazonick, William

Abstract

This paper attributes the relative decline of the British economy in the twentieth century to rigidities in its economic and social institutions that had developed during the nineteenth-century era of relatively atomistic competition. Inherited and persistent constraints impeded British firms from acquiring the market control, authority in labor relations, or managerial hierarchy necessary to avail themselves fully of modern mass production methods. At the societal level there was an interrelated failure to transform the character of British educational and financial institutions, labor-management relations, and state policy in order to promote economic development. By performing better in these respects lateindustrializing countries were able to surpass Britain in economic growth.

Suggested Citation

  • Elbaum, Bernard & Lazonick, William, 1984. "The Decline of the British Economy: An Institutional Perspective," The Journal of Economic History, Cambridge University Press, vol. 44(2), pages 567-583, June.
  • Handle: RePEc:cup:jechis:v:44:y:1984:i:02:p:567-583_03
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    Cited by:

    1. Acheson, Graeme G. & Coyle, Christopher & Turner, John D., 2015. "Happy hour followed by hangover: Financing the UK brewery industry, 1880-1913," QUCEH Working Paper Series 15-01, Queen's University Belfast, Queen's University Centre for Economic History.
    2. Corriveau, Louis, 2021. "Technologies, Institutions, development and growth," Structural Change and Economic Dynamics, Elsevier, vol. 57(C), pages 159-164.
    3. Teresa Silva Lopes & Paulo Guimaraes, 2014. "Trademarks and British dominance in consumer goods, 1876–1914," Economic History Review, Economic History Society, vol. 67(3), pages 793-817, August.
    4. Gregor Semieniuk & Emanuele Campiglio & Jean‐Francois Mercure & Ulrich Volz & Neil R. Edwards, 2021. "Low‐carbon transition risks for finance," Wiley Interdisciplinary Reviews: Climate Change, John Wiley & Sons, vol. 12(1), January.
    5. Mark Billings & Simon Mollan & Philip Garnett, 2021. "Debating banking in Britain: The Colwyn committee, 1918," Business History, Taylor & Francis Journals, vol. 63(6), pages 944-965, August.
    6. Graeme G. Acheson & Gareth Campbell & John D. Turner & Nadia Vanteeva, 2015. "Corporate ownership and control in Victorian Britain," Economic History Review, Economic History Society, vol. 68(3), pages 911-936, August.
    7. Natalia Zdanowska & Robin Morphet, 2021. "Decentralising the United Kingdom: the Northern Powerhouse strategy and urban ownership links between firms since 2010," Papers 2103.08627, arXiv.org.
    8. van Bavel, Bas, 2016. "The Invisible Hand?: How Market Economies have Emerged and Declined Since AD 500," OUP Catalogue, Oxford University Press, number 9780199608133.

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