The Postwar British Productivity Failure

Nicholas Crafts

The Warwick Economics Research Paper Series (TWERPS) from University of Warwick, Department of Economics

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.

Keywords: competition; productivity; relative economic decline; varieties of capitalism (search for similar items in EconPapers)
JEL-codes: N14 P17 (search for similar items in EconPapers)
Date: 2017
New Economics Papers: this item is included in nep-his and nep-pke
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Working Paper: The Postwar British Productivity Failure (2017)
Working Paper: The Postwar British Productivity Failure (2017)
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Persistent link: https://EconPapers.repec.org/RePEc:wrk:warwec:1142

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