Britain's Trade and Economic Structure: The Impact of the European Union

Britain's Trade and Economic Structure: The Impact of the European Union

Britain's Trade and Economic Structure: The Impact of the European Union

Britain's Trade and Economic Structure: The Impact of the European Union

Synopsis

This work examines the reasons behind Britain's economic decline since the 1960s. Focusing on the restructuring of British industry and trading policy, the author discusses the causes and effects of deindustrialization.

Excerpt

The ignorance of the British about the economic structure of their own country and the dramatic changes that have occurred to it over the past fifty years has been my chief motivation in writing this book. Britain’s entry into the EC, far from providing a buttress to British manufacturers as they expected, only increased competition in their home market, which led to a decline in their real manufacturing output. Britain has moved from a manufacturing to a service economy. She has a deficit in all sectors except fuel with the EU; her surpluses in services are earned with the rest of the world, particularly North America. Thus I have endeavoured to show that there is a genuine divergence of interests within Britain in respect to any greater regional preferences, as would be entailed by her membership of the EU monetary union.

I am indebted to John Black for his detailed comments on the entire book, and to the following for reading and commenting on individual chapters: Paul Horsnell on Chapter 8, George Peters on Chapter 9, George Bowen on Chapter 11, and Peter Holmes and Chris Gannon on Chapter 12. My sincere thanks also to Jack Hayward, Rosemary Fennell, Rosemary Clarke, and Robert Baker of SMMT for reading parts of the text. I was also grateful for the sabbatical term from Manchester University in 1991, which I spent at the Wolfson College and the Department of Applied Economics at Cambridge University, researching developments in the UK market for fuel and energy.

Lynden Moore

Oxford

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