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The postwar British productivity failure
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Crafts, N. F. R. (2017) The postwar British productivity failure. Working Paper. Coventry: University of Warwick. Department of Economics. Warwick economics research papers series (WERPS) (1142).
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Official URL: https://warwick.ac.uk/fac/soc/economics/research/w...
Abstract
British productivity growth disappointed during the early postwar period. This reflected inadequate investment in equipment and skills but also entailed inefficient use of inputs. Weak management, dysfunctional industrial relations, and badly-designed economic policy were all implicated. The policy framework was partly the result of seeking low unemployment through wage restraint by appeasement of organized labour. A key aspect was weak competition. This exacerbated corporate governance and industrial-relations problems in the British ‘variety of capitalism’ which sustained low effort bargains and managerial incompetence. Other varieties of capitalism were better placed to achieve fast growth but were infeasible for Britain given its history.
Item Type: | Working or Discussion Paper (Working Paper) | ||||||
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Subjects: | H Social Sciences > HC Economic History and Conditions | ||||||
Divisions: | Faculty of Social Sciences > Economics | ||||||
Library of Congress Subject Headings (LCSH): | Industrial productivity -- Great Britain -- 20th century | ||||||
Series Name: | Warwick economics research papers series (WERPS) | ||||||
Publisher: | University of Warwick. Department of Economics | ||||||
Place of Publication: | Coventry | ||||||
ISSN: | 0083-7350 | ||||||
Official Date: | 2017 | ||||||
Dates: |
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Number: | 1142 | ||||||
Institution: | University of Warwick | ||||||
Status: | Not Peer Reviewed | ||||||
Publication Status: | Published | ||||||
Access rights to Published version: | Open Access (Creative Commons) | ||||||
Date of first compliant deposit: | 13 November 2017 | ||||||
Date of first compliant Open Access: | 13 November 2017 | ||||||
Version or Related Resource: | This paper also appears as CAGE Discussion Paper No: 350 |
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