The Evolution of British Economy after World War II

Since World War II, the development of British economy has been divided into three periods:

(1) Steady development in 1950s and 1960s: During this period, the British economy was characterized by slow but steady growth, low unemployment rate, great material prosperity and rising consumption level.

(2) Economic recession in 1970s: In the 1970s, Britain maintained the lowest growth rate, the highest inflation rate and a high trade deficit among developed countries.

(3) Economic recovery in the 1980s: A prominent feature of the economic recovery in the 1980s is its long duration, up to seven years. Another factor is that the government's financial situation has improved and the current account of the balance of payments is stronger.

Measures taken by Margaret Thatcher's government to improve the economy

In the past ten years, Thatcher's government has taken many measures to improve economic efficiency by applying macroeconomic and microeconomic policies.

(1) Macroeconomic measures are aimed at reducing inflation and achieving price stability.

(2) Microeconomic policies aim to cooperate with market forces by encouraging enterprising spirit, efficiency and flexibility.

The reason why British coal industry is called "morbid" industry today.

The reason why British coal mines are called "pathological" industries.

Today, the British coal industry is going downhill, and the number and total output of miners and coal mines are declining.

The reasons for the decline in output are as follows: the depletion of old mines, high mining costs, outdated equipment, less investment, and the decline in demand caused by the import of cleaner, cheaper and more efficient fuels.

The main problems of British steel industry today.

The main textile producing areas in Britain are East Central, Yorkshire, Humberside and Northern Ireland.

Emerging industries

Emerging industries include microprocessors and high-tech industries such as computers and biotechnology. There are three areas of high-tech industry growth in Britain: (1). The area between London and South Wales. Cambridge, East Anglia. The area between Glasgow and Edinburgh, Scotland. The third area is the most spectacular of the three areas, and it is usually called "Silicon Valley" now. By the end of 1985, it is estimated that half of the microchip production in Britain comes from Scotland.