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British Economic Growth Since 1945: Relative Economic Decline .... and Renaissance?

Author

Listed:
  • Bean, Charles R
  • Crafts, Nicholas

Abstract

The paper contains a thorough review of explanations for the weak British growth performance of the 1950s through the 1970s and an assessment of the long-term implications of the 1980s attempt to escape from relative decline. The analysis draws on recent work in growth theory and places institutions and government policy at the heart of the growth process. We illustrate the possible adverse effects of industrial relations and social contracts on pre-1979 performance and highlight the difficulty of measuring the role of human capital. We believe the jury is still out on the implications for long-term growth potential of the post-1979 policy changes.

Suggested Citation

  • 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.
    • Handle: RePEc:cpr:ceprdp:1092
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    Citations

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    Cited by:

    1. Guillaume Daudin, 2006. "Paying Transaction Costs," Documents de Travail de l'OFCE 2006-14, Observatoire Francais des Conjonctures Economiques (OFCE).
    2. repec:hal:wpspec:info:hdl:2441/942 is not listed on IDEAS
    3. Stephen Nickell & John Van Reenen, 2001. "Technological Innovation and Performance in the United Kingdom," CEP Discussion Papers dp0488, Centre for Economic Performance, LSE.
    4. 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.
    5. repec:spo:wpmain:info:hdl:2441/942 is not listed on IDEAS
    6. Atilla Aydın, 2024. "Economic Factors Affecting the Collective Bargaining Agreement Coverage Rate in Turkey: Cointegration Approach," Istanbul Journal of Economics-Istanbul Iktisat Dergisi, Istanbul Journal of Economics-Istanbul Iktisat Dergisi, vol. 0(40), pages 134-150, June.
    7. Askenazy, Philippe, 2003. "Minimum wage, exports and growth," European Economic Review, Elsevier, vol. 47(1), pages 147-164, February.
    8. Crafts, Nicholas & Toniolo, Gianni, 2008. "European Economic Growth, 1950-2005: An Overview," CEPR Discussion Papers 6863, C.E.P.R. Discussion Papers.
    9. Crafts, Nicholas, 2011. "British Relative Economic Decline Revisited," CAGE Online Working Paper Series 42, Competitive Advantage in the Global Economy (CAGE).
    10. repec:eee:labchp:v:3:y:1999:i:pc:p:3029-3084 is not listed on IDEAS
    11. Rachel Griffith & Helen Simpson, 2004. "Characteristics of Foreign-Owned Firms in British Manufacturing," NBER Chapters, in: Seeking a Premier Economy: The Economic Effects of British Economic Reforms, 1980–2000, pages 147-180, National Bureau of Economic Research, Inc.
    12. repec:hal:spmain:info:hdl:2441/942 is not listed on IDEAS
    13. Crafts, Nicholas, 2000. "Development history," Economic History Working Papers 22384, London School of Economics and Political Science, Department of Economic History.
    14. Bakker, Gerben, 2004. "At the origins of increased productivity growth in services. Productivity, social savings and the consumer surplus of the film industry, 1900-1938," Economic History Working Papers 22348, London School of Economics and Political Science, Department of Economic History.
    15. repec:spo:wpecon:info:hdl:2441/942 is not listed on IDEAS
    16. Maylis Avaro, 2020. "Zombie International Currency: The Pound Sterling 1945-1973," IHEID Working Papers 03-2020, Economics Section, The Graduate Institute of International Studies, revised 27 Apr 2021.
    17. David Metcalf, 2002. "Unions and Productivity, Financial Performance and Investment: International Evidence," CEP Discussion Papers dp0539, Centre for Economic Performance, LSE.
    18. Barry Eichengreen & Albrecht Ritschl, 2009. "Understanding West German economic growth in the 1950s," Cliometrica, Journal of Historical Economics and Econometric History, Association Française de Cliométrie (AFC), vol. 3(3), pages 191-219, October.
    19. de Groot, H.L.F. & van Schaik, A.B.T.M., 1997. "Unemployment and catching up : Europe vis à vis the USA," Other publications TiSEM da7dcf42-9007-43df-a948-e, Tilburg University, School of Economics and Management.

    More about this item

    Keywords

    Economic Growth; Human Capital; Industrial Relations; Total Factor Productivity; UK;
    All these keywords.

    JEL classification:

    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • J51 - Labor and Demographic Economics - - Labor-Management Relations, Trade Unions, and Collective Bargaining - - - Trade Unions: Objectives, Structure, and Effects
    • N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe

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