The Decline of the British Economy: An Institutional Perspective
- 1 June 1984
- journal article
- research article
- Published by Cambridge University Press (CUP) in The Journal of Economic History
- Vol. 44 (2), 567-583
- https://doi.org/10.1017/s0022050700032149
Abstract
This paper attributes the relative decline of the British economy in the twentieth century to rigidities in its economic and social institutions that had developed during the nineteenth-century era of relatively atomistic competition. Inherited and persistent constraints impeded British firms from acquiring the market control, authority in labor relations, or managerial hierarchy necessary to avail themselves fully of modern mass production methods. At the societal level there was an interrelated failure to transform the character of British educational and financial institutions, labor-management relations, and state policy in order to promote economic development. By performing better in these respects lateindustrializing countries were able to surpass Britain in economic growth.This publication has 3 references indexed in Scilit:
- British Economic Growth 1856-1973Published by Oxford University Press (OUP) ,1982
- The Growth of the Transnational Industrial Firm in the United States and the United Kingdom: A Comparative AnalysisThe Economic History Review, 1980
- The British Economy 1870–1939Published by Springer Science and Business Media LLC ,1969