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By Lynden Moore

This paintings examines the explanations in the back of Britain's financial decline because the Sixties. concentrating on the restructuring of British and buying and selling coverage, the writer discusses the explanations and results of deindustrialization and alterations to standard buying and selling styles. specific realization is dedicated to the influence of the european. The paintings offers: * a brand new point of view through concentrating on and alternate instead of financial concerns; * a superb comparative examine of Britain's buying and selling companions and opponents; * An available and comparatively jargon-free dialogue of a topical and far-reaching topic.

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Extra info for Britain's Trade and Economic Structure: The Impact of the European Union

Sample text

When adjustment is made for the change in working hours the growth rate of the European countries goes up, that is, working hours have fallen; in other words, workers have taken some of the fruits of their increased earning power in the form of leisure. But in the Asian countries the reverse has occurred. This suggests that some of the growth in Asian countries was due to a reduction in underemployment, as has been argued elsewhere (Krugman 1996). The growth in the second period 1973–92 was lower for the European countries and Japan.

We have already considered the OECD analysis of growth from 1955 to 1968, before Britain joined the EC. What did not show up in that analysis was the phenomenon of de-industrialization that had begun to emerge in all the major European countries. The proportion of employment in manufacturing started to decline in the 1960s in most of the major Western European countries—the Netherlands after 1955, Britain after 1961, France after 1964, Germany after 1966 (Brown). However, as labour productivity in manufacturing was increasing very fast, approximately 1 1/2 times the rate for the EU(15) economies as a whole, manufacturing output for EU countries other than Britain generally continued to increase; only in the 1990s has it clearly begun to fall.

Note: 1 Adjusted growth rates allow for changes in hours worked. In order to account for these differing rates of growth Crafts (1996) used the equation: . . Y/Y=a K /K+b L /L+TFPGR where: . /Y = increase in income per annum; K. e. human capital inputs; and TFPGR= total factor productivity growth: the residual. 9. Taking the average investment ratios over the period as shown in column 2, it can be seen that in both periods the UK with 18 per cent had a lower investment ratio than any of the other countries shown, although it was the same level as in the US.

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