Forging Ahead, Falling Behind and Fighting Back by Nicholas Crafts

Author:Nicholas Crafts
Language: eng
Format: epub
Publisher: Cambridge Univ Pr
Published: 2018-07-30T00:00:00+00:00

The United Kingdom economic environment continued to be characterized by the retreat from globalization and competition which had developed during the interwar period but economic policy became more ambitious and interventionist as the centre of the political spectrum shifted to the left. This was the era of Beveridge and Keynes in a period which was notable for reduced income inequality and low unemployment. In the early 1960s, in the context of growing concern about comparative economic performance, governments began to experiment with a variety of policies to improve growth outcomes, but in the event, this stopped short of a serious attempt to reform the institutional legacy. Accordingly, the historiography of this period focuses on errors of commission by policymakers.

Several questions arise from this discussion which this chapter will try to answer. How big was the United Kingdom’s growth failure during the Golden Age? What were the most important policy mistakes? Did the early start play an important role in exacerbating relative economic decline in these years?

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