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What can we learn from the United Kingdom’s post‐1945 economic reforms?
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Crafts, Nicholas (2021) What can we learn from the United Kingdom’s post‐1945 economic reforms? Economic Affairs, 41 (3). pp. 354-376. doi:10.1111/ecaf.12489 ISSN 0265-0665.
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Official URL: https://doi.org/10.1111/ecaf.12489
Abstract
This article reviews the claim that economic policymakers in the post-COVID UK should learn the lessons of the 1940s. Post-1945 policies relating to delivering full employment, levelling up, upgrading social security, dealing with the public debt legacy, and addressing the productivity puzzle are considered. The article finds many reasons to criticise the policies of the 1940s. Although, superficially, outcomes look good, a closer examination reveals significant failings notably concerning design of the welfare state and supply-side policy for growth. The 1940s do not provide a good way to address the productivity slowdown or twenty-first-century social insurance.
| Item Type: | Journal Article | ||||||
|---|---|---|---|---|---|---|---|
| Subjects: | H Social Sciences > HC Economic History and Conditions H Social Sciences > HD Industries. Land use. Labor H Social Sciences > HN Social history and conditions. Social problems. Social reform J Political Science > JC Political theory |
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| Divisions: | Faculty of Social Sciences > Economics | ||||||
| SWORD Depositor: | Library Publications Router | ||||||
| Library of Congress Subject Headings (LCSH): | Great Britain -- Economic policy -- 1945-, Economic development -- History -- 20th century -- Great Britain, Economic impact analysis -- Great Britain, Great Britain -- Social policy, Welfare state -- Great Britain | ||||||
| Journal or Publication Title: | Economic Affairs | ||||||
| Publisher: | Wiley | ||||||
| ISSN: | 0265-0665 | ||||||
| Official Date: | 28 October 2021 | ||||||
| Dates: |
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| Volume: | 41 | ||||||
| Number: | 3 | ||||||
| Page Range: | pp. 354-376 | ||||||
| DOI: | 10.1111/ecaf.12489 | ||||||
| Status: | Peer Reviewed | ||||||
| Publication Status: | Published | ||||||
| Reuse Statement (publisher, data, author rights): | "This is the peer reviewed version of the following article: Crafts, N. (2021). What can we learn from the United Kingdom’s post-1945 economic reforms? Economic Affairs, 41( 3), 354– 376. https://doi.org/10.1111/ecaf.12489, which has been published in final form at https://doi.org/10.1111/ecaf.12489. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Use of Self-Archived Versions. This article may not be enhanced, enriched or otherwise transformed into a derivative work, without express permission from Wiley or by statutory rights under applicable legislation. Copyright notices must not be removed, obscured or modified. The article must be linked to Wiley’s version of record on Wiley Online Library and any embedding, framing or otherwise making available the article or pages thereof by third parties from platforms, services and websites other than Wiley Online Library must be prohibited." | ||||||
| Access rights to Published version: | Restricted or Subscription Access | ||||||
| Date of first compliant deposit: | 15 November 2021 |
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