The Economic Situation: Annual Review: Chapter I. the British Economy in 1970

Anonymous

National Institute Economic Review, 1971, vol. 55, 4-21

Abstract: Although there was no balance of payments problem of the familiar kind in 1970, the year proved conspicuously unsuccessful in other respects. So far from leading on to a period of well-sustained economic growth, declining unemployment, and steadying prices, the hard-won struggle to ‘make devaluation work’ instead brought in its wake a period of accelerating price rises, a wage inflation of virtually unparalleled intensity, and a declining pressure of demand. This combination of ‘nominal’ inflation and ‘real’ stagnation was aptly named ‘stagflation’.

Date: 1971
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