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The British Economy - Essay Example

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Notwithstanding that Great Britain has its own economic, scientific and technical potential, which supports traditional leading industrial branches, since 1970th there has been a constant decline in British manufacturing sector. Disintegration of the British Empire weakened…
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The British Economy
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The British Economy

Within 1940th – 1970th absolute majority of former British colonies became independent; thus, economic influence of the British Isles within the Commonwealth decreased. Owing to inconsequent regulation in the previous years in 1968 Wilson’s government had to transfer national budget in the economy regime. Besides, in 1967 unprofitable steel industry was nationalized for stabilization of the whole industrial sector. Economic and industrial spheres required urgent restructure.
The period of 1970th was marked with high level of socio-economic instability. Pressure of national trade unions increased as a result of limitations of their rights and growing unemployment. Numerous strikes of workers caused million losses. In 1969 trade unions rejected limitation of right for strikes. There was a large disproportion between number of trade unions and employed workers. The majority of labor force in the manufacturing sector was employed at the big plants and enterprises. “Thus in 1973 establishments with 1000 or more employees employed 42 per cent of the manufacturing labour force and even in 1984, after a wave of closures of large plants, still employed 32 per cent.” (Oulton 1990, 72) Economic recession covered the whole manufacturing sphere, including employment rate, workers’ socio-economic welfare, basic economic indices (GDP, IRR). British citizens regarded a long-term crisis as consequence of entry into EU (1973 – 1975), political instability, inappropriate financing of industrial sector.
Despite of economic growth of 1980th, share of manufacturing sector in GDP had decreased from 25% up to 14% in 2004. Decrease of manufacturing sector happened mainly due to the reorganization of national economy and growth of service sector. Since early 1980th its output has increased by circa 30%. The same tendency is marked in other countries Such tendency is conditioned with a large-scale closing of large plants and ... Read More
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