The Cambridge Economic History of Modern Britainby Roderick Floud
Pub. Date: 12/31/2003
Publisher: Cambridge University Press
The Cambridge Economic History of Modern Britain is a comprehensive account of the economic history of Britain since 1700, based on the most up-to-date research. Roderick Floud and Paul Johnson have assembled well-known international scholars to produce a set of volumes which serve as a textbook for undergraduate students as well as an authoritative reference guide… See more details below
The Cambridge Economic History of Modern Britain is a comprehensive account of the economic history of Britain since 1700, based on the most up-to-date research. Roderick Floud and Paul Johnson have assembled well-known international scholars to produce a set of volumes which serve as a textbook for undergraduate students as well as an authoritative reference guide to the subject.
- Cambridge University Press
- Publication date:
- Edition description:
- New Edition
- Product dimensions:
- 6.85(w) x 9.72(h) x 1.42(d)
Table of Contents
Introduction Roderick Floud and Paul Johnson; 1. The wartime economy Peter Howlett; 2. Failure followed by success followed by failure? A re-examination of British economic growth since 1939 Michael Kitson; 3. The performance of manufacturing Stephen Broadberry; 4. A failed experiment: the state ownership of industry Leslie Hannah; 5. Employment, education and human capital Mary O'Mahony; 6. Money and monetary policy since 1945 Susan Howson; 7. The financial services sector since 1945 Katherine Watson; 8. Economic Policy Jim Tomlinson; 9. Income and welfare Paul Johnson; 10. The rise of the service economy Robert Millward; 11. The impact of Europe Larry Neal; 12. Technology in post-war Britain Nick von Tunzelmann; 13. Regional development and policy Peter Scott; 14. British fiscal policy since 1939 Tom Clark and Andrew Dilnot; 15. Industrial relations and the economy William Brown.
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Roderick Floud is Vice-Chancellor of London Metropolitan University, and Paul Johnson is Professor of Economic History at the London School of Economics, so it is no surprise that this is a very safe book. There are 14 contributors from Britain and one each from Canada, Japan and the USA. The first chapter is on the wartime economy. Each of the other 14 looks at an aspect of the economy from 1945 to 2000 - growth, manufacturing, state ownership of industry, education, monetary policy, financial services, economic policy, living standards, services, the EU's impact, technology, regional policy, fiscal policy and industrial relations. It is clear, even from this conventional set of readings, how destructive Thatcherism has been. Between 1949 and 1973, the economy grew by 3% a year; between 1973 and 2000, by only 2.3% a year. Britain has had the biggest deindustrialisation of any advanced industrial nation, because the ruling class has refused to invest in manufacturing. Thatcher's liberalisation of finance capital forced firms to maximise their financial returns at the expense of industrial investment. Thatcher cut government R&D, supposedly to boost private R&D and investment, but actually to cut them both. Britain has for decades underinvested in education and training. By contrast, Germany has comprehensive post-16 vocational training and extended its industrial apprenticeship system into services. Thatcher embraced the EU in order to promote the free market, and the EU duly gave us low growth and high unemployment. Her attack on trade unions caused income inequalities to grow: the richest 1%'s share of total income went from 5% in 1980 to 10% in 1998. The book ignores what a far more gifted writer noted over a century ago: "increasing concentration of wealth, rapid elimination of small and medium-sized enterprises, progressive limitation of competition, incessant technological progress accompanied by an ever-growing importance of fixed capital, and last but not least the undiminishing amplitude of recurrent business cycles."