Buy custom TO WHAT EXTENT HAS BRITISH RELATIVE ECONOMIC DECLINE SINCE THE LATE
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Business
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| Number of pages / Number of words: |
10 / 2538 |
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Thirdly, in addition to drawing this distinction, Broadberry notes that labour productivity is not the only factor affecting competitiveness on world markets; in fact those countries with a high productivity of labour have not necessarily enjoyed any such comparative advantage.
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The breakdown of global trade after the WWI due to protectionist policies and the Great Depression of the 1930s provoked the British into relying on their Empire links to support their ailing export industries...
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Between 1907 and 1951, the proportion of British exports moving along Empire trading routes had increased from 32.2% to 55% . This type of quasi-self reliance had mixed consequences; in the short run, the UK suffered much less from the depression than other countries, notably America, with the resulting bonus of higher output levels in general and a better economic performance up until the mid-1950s...
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