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R.C.O. Matthews, C. H. Feinstein, J. Odling-Smee's British economic growth 1856-1973 PDF

By R.C.O. Matthews, C. H. Feinstein, J. Odling-Smee

ISBN-10: 0198284535

ISBN-13: 9780198284536

A historic account of the direction and reasons of British fiscal progress from the mid-nineteenth century till 1973, with designated emphasis at the exceptional development after the second one global battle.

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Additional resources for British economic growth 1856-1973

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1. 9 Within the various periods distinguished, moreover, there are no great differences in growth rates; the peacetime rate of growth of GDP over the course of 100 years varied within only quite a narrow margin,7 and it does not show any of the spectacular spurts found in the history of certain other countries, such as Japan and the United States. GDP grew more slowly in the two wartime phases than in the peace-time phases — in the case of World War I very much so. Hence the 1951–73 growth rate exceeds the average for the whole period 1856–1973 by a clearer margin than it exceeds the growth rate of earlier peacetime periods.

8 For this purpose the period 1856–1951 is divided into five phases. This phase division will be used throughout the study. 9 The pre-1914 period is divided into two to give a mid-Victorian period of fairly rapid growth followed by a late-Victorian period of slower growth. It has been a subject of debate among economic historians whether the “climacteric” occurred in the 1870's or the 1890's. By choosing 1873 as the division between our two pre-1914 periods we are not implying that it was in the 1870's.

But there is no doubt that the rate of growth of productivity was low, at least after 1900. And there is no doubt also that the 1870's saw a fall in the rate of return on capital that was never subsequently fully made good. World War I and the years immediately after it were in many respects critical in the history of British economic growth. On the one hand, there took place in 1919–21 the greatest setback to real GDP that the country had experienced since the industrial revolution. On the other hand, those years marked also the beginning of a phase of increase 6 THE METHOD, THE PROBLEMS, AND THE PROFILE in the rate of growth of productivity that persisted for the next half century.

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British economic growth 1856-1973 by R.C.O. Matthews, C. H. Feinstein, J. Odling-Smee


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