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Britain 1/2, Economic Developments - Coggle Diagram
Britain 1/2
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Economic decline 1951-64
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Slipping behind USA,Japan in production
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Post-war boom
Period of Affluence
1951-1964 – Britain’s economy grew 40% (but France 50%, West Germany 250%, Japan 400%)
Share of world exports of manufactures goods: Britain’s share fell from 20% (1954) to 15% (1960) while Germany’s rose from 15% to 19%
All exports rose between 1952 and 1962: Britain +29%, France +86%, Germany +247%, Japan +378%
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1961 – concerns about overheated economy led to ‘pay pause’ to hold down wage inflation and to ask for loan from IMF
1962 saw BALANCE OF PAYMENTS PROBLEM, economics of stop-go
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