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Monetarism or prosperity?
The decline of the British economy, and with it, of British influence in the world, is perhaps a century old, but has been
gathering pace over the last decade or two. It has been marked
by a massive fall in the British share of world trade in manufactures, while Britain's rate of economic growth has been only
about half that of other industrialised countries. The 30 per cent
share of world trade in manufactures which Britain enjoyed at
the turn of the century, after dipping to 22 per cent just before
the Second V/orld War and recovering to 25 per cent in 1950, has
fallen almost continuously since then to its present level of 8 per
cent-9 per cent. Even that figure is misleadingly favourable,
since it owes much to the reduction in tariffs on UK exports to
the EEC and is more than offset by the rapid rise in our imports
from the same area.
The Germans, who had first overtaken our share of world
trade in 1938, again overtook us in 1958 and their share has
settled down substantially above ours at 20 per cent-22 per cent.
In 1970 Japan pushed us into fourth place- behind the United
States and Germany- and in 1973 France overtook us as well.
We may soon be overtaken by Italy, at least in terms of volume,
and we are in danger of being relegated to the same league as
much smaller countries like Belgium and Holland in the foreseeable future.
There seems no prospect of an early recovery. Manufacturing
output is already 10 per cent lower than in 1973 and the impact
of North Sea oil will, with present policies, lead to a further and
substantial contraction. Our traditional surplus of exports over
imports of manufactures has almost disappeared and only a fall
in domestic demand as a result of rising unemployment has
saved us, for the first time in at least two centuries, from becoming a net importer of manufactured goods. What happened to the British textile, shipbuilding and motor cycle industries in
the 1g6os and 1970s is now threatening such other bastions of our
former manufacturing strength as the motor car, machine tools
and carpet industries.
Ketersediaan
| Call Number | Location | Available |
|---|---|---|
| 332.46 GOU m | PSB lt.1 - B. Penunjang | 1 |
| Penerbit | London MacMillan., 1981 |
|---|---|
| Edisi | - |
| Subjek | Foreign exchange Economic policy Monetary policy economic conditions |
| ISBN/ISSN | 978033330782-3 |
| Klasifikasi | NONE |
| Deskripsi Fisik | x, 222 p. : ill. ; 23 cm. |
| Info Detail Spesifik | - |
| Other Version/Related | Tidak tersedia versi lain |
| Lampiran Berkas | Tidak Ada Data |