Abstract
This article examines the change in the fundamental assumptions underpinning industrial policy from the mid-1970s in Britain. It necessarily contrasts the broadly supply-side concerns of industrial policy from the mid-1970s with the more demand-side concerns of the earlier ‘Golden Age’ period from 1945. Where in the earlier period the emphasis in industrial policy was on capital investment and the role of government in compensating for perceived market inefficiency, from the late 1970s this emphasis shifted to the need to improve the flexibility and quality of supply-side factors allied to a more optimistic view of the ability of the market to secure efficient outcomes.
Original language | English |
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Pages (from-to) | 35-57 |
Journal | Jahrbuch fuer Wirtschaftsgeschichte |
Volume | 58 |
Issue number | 1 |
DOIs | |
Publication status | Published - 24 May 2017 |
Keywords
- Industrial policy
- fixed capital investment
- unemployment
- deindustrialisation
- trade unions
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Dive into the research topics of 'Industrial policy in Britain since 1970: Changing values, assumptions and mechanisms'. Together they form a unique fingerprint.Profiles
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M Chick
- School of History, Classics and Archaeology - Personal Chair of Economic History
- History
Person: Academic: Research Active