Non-Price Competition, Trade and the Balance of Payments

J. S. L. McCombie and Anthony Thirlwall

Chapter 4 in Economic Growth and the Balance-of-Payments Constraint, 1994, pp 262-300 from Palgrave Macmillan

Abstract: Abstract We showed in the previous chapter that the slow growth of national output (particularly for the UK) has been associated with a very slow rate of export growth relative to other countries. This resulted in a massive decline in the UK’s share of world trade in manufactures from just over 20 per cent in 1950 to just under 8 per cent in 1988. It is difficult to argue that this unfavourable trend has been the result of continually declining price and cost competitiveness because, for long periods over the postwar years, measures of price and cost competitiveness moved in Britain’s favour. Figure 4.1 shows movements in relative producer prices and unit labour costs from 1963 to 1989.

Keywords: Reservation Price; Relative Prex; Export Share; Price Competitiveness; Export Market Share (search for similar items in EconPapers)
Date: 1994
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-23121-8_4

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DOI: 10.1007/978-1-349-23121-8_4

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