Conclusion

Edmund Dell

Chapter 18 in The Politics of Economic Interdependence, 1987, pp 254-257 from Palgrave Macmillan

Abstract: Abstract Adam Smith’s final recommendation was that Great Britain should ‘endeavour to accommodate her future views and designs to the real mediocrity of her circumstances’ (Smith, 1947, vol. 2, p. 430). His recommendation proved a little premature. Yet, having between 1776 and the present day conquered and relinquished half a world, the UK now has little choice but to do precisely what Smith recommended. The transition from Empire to mediocrity has been troubled and the troubles are certainly not at an end. Too much can be made of the relative stability of recent years. With the end of American tutelage came the breakdown of the Bretton Woods system which provided some protection for Britain’s lagging economy. Since then, the UK has been relatively fortunate. It has been shielded from the full impact of the change. It has been shielded by North Sea oil. Before it was shielded by the reality of North Sea oil, it was shielded by the prospect of North Sea oil. That shield can no longer be confidently relied upon.

Date: 1987
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DOI: 10.1007/978-1-349-18874-1_18

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