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Competition and innovation in 1950’s Britain

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  • Stephen Broadberry
  • Nicholas Crafts

Abstract

We find little support for the Schumpeterian hypothesis of a positive relationship between market power and innovation in 1950’s Britain even though many economists and policymakers accepted it at the time. Pricefixing agreements were very widespread prior to the 1956 Restrictive Practices Act and they seem to have had adverse effects on costs and productivity. Competition policy appears to have been much too lenient but the productivity problems of British industry at this time are best viewed as arising largely from the difficulties of reaping the benefits of innovation rather than from a failure to innovate per se.

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File URL: http://eprints.lse.ac.uk/22381/
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Bibliographic Info

Paper provided by London School of Economics and Political Science, Department of Economic History in its series Economic History Working Papers with number 22381.

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Length: 46 pages
Date of creation: 2000
Date of revision:
Handle: RePEc:ehl:wpaper:22381

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Postal: LSE, Dept. of Economic History Houghton Street London, WC2A 2AE, U.K.
Phone: +44 (0) 20 7955 7084
Web page: http://www.lse.ac.uk/economicHistory/
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Cited by:
  1. Crafts, Nicholas, 2011. "British Relative Economic Decline Revisited," CAGE Online Working Paper Series 42, Competitive Advantage in the Global Economy (CAGE).
  2. Crafts, Nicholas, 2012. "British relative economic decline revisited: The role of competition," Explorations in Economic History, Elsevier, vol. 49(1), pages 17-29.
  3. George Symeonidis, 2001. "Price Competition, Innovation and Profitability: Theory and UK Evidence," Economics Discussion Papers 530, University of Essex, Department of Economics.
  4. repec:cge:warwcg:42 is not listed on IDEAS
  5. Degner, Harald, 2010. "Windows of technological opportunity: do technological booms influence the relationship between firm size and innovativeness?," FZID Discussion Papers 15-2010, University of Hohenheim, Center for Research on Innovation and Services (FZID).

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