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The British Disease
In economics, ''British disease'' was a derogatory term to describe the period of economic stagnation in the United Kingdom in the 1970s at the time the country was widely described as the "sick man of Europe". It was characterised by rates of capital investment and labour productivity which lagged behind continental Europe, as well as strained industrial relations. The term relates to a lack of social vitality during industrial disputes in the 1970s. A lack of productivity of the UK economy was one factor behind Margaret Thatcher's economic reforms. See also * Dutch disease * Accession of the United Kingdom to the European Communities (1973) * Labour government, 1974–1979 * Thatcherism * Social history of Postwar Britain (1945–1979) The United Kingdom was one of the victors of the World War II, Second World War, but victory was costly in social and economic terms. Thus, the late 1940s was a time of austerity and economic restraint, which gave way to prosperity in the 195 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economics
Economics () is the social science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and interactions of Agent (economics), economic agents and how economy, economies work. Microeconomics analyzes what's viewed as basic elements in the economy, including individual agents and market (economics), markets, their interactions, and the outcomes of interactions. Individual agents may include, for example, households, firms, buyers, and sellers. Macroeconomics analyzes the economy as a system where production, consumption, saving, and investment interact, and factors affecting it: employment of the resources of labour, capital, and land, currency inflation, economic growth, and public policies that have impact on glossary of economics, these elements. Other broad distinctions within economics include those between positive economics, desc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Stagnation
Economic stagnation is a prolonged period of slow economic growth (traditionally measured in terms of the GDP growth), usually accompanied by high unemployment. Under some definitions, "slow" means significantly slower than potential growth as estimated by macroeconomists, even though the growth rate may be nominally higher than in other countries not experiencing economic stagnation. Secular stagnation theory The term "secular stagnation" was originally coined by Alvin Hansen in 1938 to "describe what he feared was the fate of the American economy following the Great Depression of the early 1930s: a check to economic progress as investment opportunities were stunted by the closing of the frontier and the collapse of immigration". Warnings similar to secular stagnation theory have been issued after all deep recessions, but they usually turned out to be wrong because they underestimated the potential of existing technologies.Pagano and Sbracia (2014"The secular stagnation hypo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United Kingdom
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and Northern Ireland. The United Kingdom includes the island of Great Britain, the north-eastern part of the island of Ireland, and many smaller islands within the British Isles. Northern Ireland shares a land border with the Republic of Ireland; otherwise, the United Kingdom is surrounded by the Atlantic Ocean, the North Sea, the English Channel, the Celtic Sea and the Irish Sea. The total area of the United Kingdom is , with an estimated 2020 population of more than 67 million people. The United Kingdom has evolved from a series of annexations, unions and separations of constituent countries over several hundred years. The Treaty of Union between the Kingdom of England (which included Wales, annexed in 1542) and the Kingdom of Scotland in 170 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sick Man Of Europe
"Sick man of Europe" is a label given to a nation which is located in some part of Europe and experiencing a time of economic difficulty or impoverishment. Emperor Nicholas I of the Russian Empire is considered to be the first to use the term "Sick Man" to describe the Ottoman Empire in the mid-19th century. The characterization existed during the " Eastern Question" in diplomatic history, which also referred to the decline of the Ottoman Empire in terms of the balance of power in Europe. After the dissolution of the Ottoman Empire in the early 20th century, the term has been applied to other nations. In modern usage, the term has faced criticism due to its origins and arguable over-usage. Origin Early usage Russian Tsar Nicholas I (), seeking to expand into parts of the Ottoman Empire during the Eastern Question, had described Turkey as "sick" or "sick man" during his meeting with Austrian Prince Metternich () in Münchengrätz, two months after the Treaty of Hünkâr Ä ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capital Investment
Investment is the dedication of money to purchase of an asset to attain an increase in value over a period of time. Investment requires a sacrifice of some present asset, such as time, money, or effort. In finance, the purpose of investing is to generate a return from the invested asset. The return may consist of a gain (profit) or a loss realized from the sale of a property or an investment, unrealized capital appreciation (or depreciation), or investment income such as dividends, interest, or rental income, or a combination of capital gain and income. The return may also include currency gains or losses due to changes in the foreign currency exchange rates. Investors generally expect higher returns from riskier investments. When a low-risk investment is made, the return is also generally low. Similarly, high risk comes with a chance of high losses. Investors, particularly novices, are often advised to diversify their portfolio. Diversification has the statistical effect o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Labour Productivity
Workforce productivity is the amount of goods and services that a group of workers produce in a given amount of time. It is one of several types of productivity that economists measure. Workforce productivity, often referred to as labor productivity, is a measure for an organisation or company, a process, an industry, or a country. Workforce productivity is to be distinguished from employee productivity which is a measure employed at ''individual level'' based on the assumption that the overall productivity can be broken down to increasingly smaller units until, ultimately, to the individual employee, in order be used for example for the purpose of allocating a benefit or sanction based on individual performance (see also: Vitality curve). In 2002, the OECD defined it as "the ratio of a volume measure of output to a volume measure of input". Volume measures of output are normally gross domestic product (GDP) or gross value added (GVA), expressed at constant prices i.e. adjusted ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Industrial Relations
Industrial relations or employment relations is the multidisciplinary academic field that studies the employment relationship; that is, the complex interrelations between employers and employees, labor/trade unions, employer organizations, and the state. The newer name, "Employment Relations" is increasingly taking precedence because "industrial relations" is often seen to have relatively narrow connotations. Nevertheless, industrial relations has frequently been concerned with employment relationships in the broadest sense, including "non-industrial" employment relationships. This is sometimes seen as paralleling a trend in the separate but related discipline of human resource management. While some scholars regard or treat industrial/employment relations as synonymous with employee relations and labour relations, this is controversial, because of the narrower focus of employee/labour relations, i.e. on employees or labour, from the perspective of employers, managers and/ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Margaret Thatcher
Margaret Hilda Thatcher, Baroness Thatcher (; 13 October 19258 April 2013) was Prime Minister of the United Kingdom from 1979 to 1990 and Leader of the Conservative Party (UK), Leader of the Conservative Party from 1975 to 1990. She was the first female British prime minister and the longest-serving British prime minister of the 20th century. As prime minister, she implemented economic policies that became known as Thatcherism. A Soviet journalist dubbed her the "Iron Lady", a nickname that became associated with her uncompromising politics and leadership style. Thatcher studied chemistry at Somerville College, Oxford, and worked briefly as a research chemist, before becoming a barrister. She was List of MPs elected in the 1959 United Kingdom general election, elected Member of Parliament for Finchley (UK Parliament constituency), Finchley in 1959 United Kingdom general election, 1959. Edward Heath appointed her Secretary of State for Education and Science in his H ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dutch Disease
In economics, the Dutch disease is the apparent causal relationship between the increase in the economic development of a specific sector (for example natural resources) and a decline in other sectors (like the manufacturing sector or agriculture). The term was coined in 1977 by ''The Economist'' to describe the decline of the manufacturing sector in the Netherlands after the discovery of the large Groningen natural gas field in 1959. The presumed mechanism is that as revenues increase in the growing sector (or inflows of foreign aid), the given nation's currency becomes stronger (appreciates) compared to currencies of other nations (manifest in an exchange rate). This results in the nation's other exports becoming more expensive for other countries to buy, and imports becoming cheaper, making those sectors less competitive. While it most often refers to natural resource discovery, it can also refer to "any development that results in a large inflow of foreign currency, includ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Accession Of The United Kingdom To The European Communities
The accession of the United Kingdom to the European Communities (EC) – the collective term for the European Coal and Steel Community (ECSC), the European Economic Community (EEC) and the European Atomic Energy Community (EAEC) – took effect on 1 January 1973. This followed ratification of the Accession treaty which was signed in Brussels on 22 January 1972 by the Conservative prime minister Edward Heath, who had pursued the UK's application to the EEC since the late 1950s. The ECSC and EEC would later be integrated into the European Union under the Maastricht and Lisbon treaties in the early 1990s and mid-2000s. The UK had been the first country to establish a Delegation to the ECSC in 1952, and the first country to sign an Association Agreement with the Community in 1954. The UK had first applied to join in 1961, but this was vetoed by French President Charles de Gaulle. A second application, in 1967, was again vetoed by France. After de Gaulle had relinquished the French ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Labour Government, 1974–1979
The Labour Party governed the United Kingdom of Great Britain and Northern Ireland from 1974 to 1979. During this period, Harold Wilson and James Callaghan were successively appointed as Prime Minister by Queen Elizabeth II. The end of the Callaghan ministry was presaged by the Winter of Discontent, a period of serious industrial discontent. This was followed by the election of Conservative leader Margaret Thatcher in 1979. Historian Kenneth O. Morgan states: The government consisted of three ministries: the third and fourth Wilson ministry, and then the Callaghan ministry. __TOC__ History Formation After the February 1974 general election, no party had a majority of seats. The incumbent Conservative Party won the popular vote, but Labour took a plurality of seats. Edward Heath, the Conservative Prime Minister, attempted to negotiate a coalition agreement with the Liberal Party, but resigned as Prime Minister after failing to do so. The Labour Party, led by Harold Wilson ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Thatcherism
Thatcherism is a form of British conservative ideology named after Conservative Party leader Margaret Thatcher that relates to not just her political platform and particular policies but also her personal character and general style of management while in office. Proponents of Thatcherism are referred to as Thatcherites. The term has been used to describe the principles of the British government under Thatcher from the 1979 general election to her resignation in 1990, but it also receives use in describing administrative efforts continuing into the Conservative governments under statesmen John Major and David Cameron throughout the 1990s and 2010s. In international terms, Thatcherites have been described as a part of the general socio-economic movement known as neoliberalism, with different countries besides the United Kingdom (such as the United States) sharing similar policies around expansionary capitalism. Thatcherism represents a systematic, decisive rejection and re ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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