Understanding the UK Economy by Peter Curwen (eds.)

By Peter Curwen (eds.)

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But By the end of the Second World War the Keynesian revolution had inexorably entered into its 'orthodoxy' phase, common to all advanced Western economies for roughly 25 years. Not surprisingly, the sacrifices of the war years served to speed up enormously the process of social change. 4 Efficiency versus Equity Peter Curwen there are clearly an enormous variety of ways in wh ich one can draw boundaries between private and public sectors, and a great deal therefore hinges on the balance between efficieney and equity at the mieroeeonomie level.

Jobs may need to be preserved by workers taking wage cuts and/or retraining, or they may need to move to where the work is (possibly on their bicycles). If institutions such as trade unions are less than keen about these developments then their power to prevent them must be destroyed, and that applies to professional bodies as weIl as to craft umons. Not surprisingly, these doctrines seem firmly rooted in the neo-classical orthodoxy where the individual is responsible for his or her own predicament, and it is not the job of government to provide relief.

For the moment revolution is unfashionable and evolution is the name of the game. ) Mr Major Mr Major took over from Mrs Thatcher at a time when she had become increasingly seen as a divisive factor within the Conservative Party. However, unlike his predecessor he was no visionary, and indeed the party was looking for a different type of leaders hip when he was elected. He has shown, as in relation to the exchange rate, not merely a tolerance for U-turns in policy but a regrettable tendency to claim credit for the very consequences which he had previously been trying hard to avoid.

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