Economic Continuity & Change 1951-2007

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The economy in 1951 was not in the best of shapes after the devastating impacts of world war two however Britain had come out of the war in a much better condition than the likes of France and Germany thus assessing growth over the coming years is difficult as it began in a much better place. The economy of 2007 again appeared to be in a good condition after the years of continuous growth under the labour government however in hindsight it is now known that this was simply a mirage that collapsed in the recession of 2008. The British economy varied greatly through the years 1951-2007 but equally continuity can be seen thus this will discuss the continuous relative economic decline, the decline of the trade unions and the transition from austerity to prosperity. It will be argued that throughout the period there was evidence of both continuity and change but after the revolutionary years of Thatcher the economy was to a greater extent changed. Although the British economy can be seen to have grown throughout the period to some extent in relative terms it was actually in decline. Even within the first 13 years of the period Britain's share in world trade fell 15% and the economies or Japan and Germany in particular began to outstrip the nation massively. Arguably Britain did have a chance to change this with the creation of the EEC in the 1950s but failure to embrace this initially meant that the European nations steamed ahead in their economic growth and Britain would never quite catch up. The weak nature of the economy can too be seen in the 1970s when it really was at its lowest seen in the humiliation of the 1976 IMF loan and the later Winter of Discontent. The latter decade could arguably show the greatest economic situation in that Blair experienced continuos growth but still looking at Britain today it never develop dot compete with the ever growing markets

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