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- W137682537 abstract "It is difficult to overstate the gravity of what is now happening to the UK economy. Output is falling at an almost unprecedented rate. Unemployment is at a level not experienced since the inter-war depression and is increasing rapidly towards 3 million, or 13% of the labour force, which would mean rates of 20% and above in large areas of the country. Nor is there any foreseeable prospect of unemployment coming down: instead all the signs point to a continuing increase. The social and political consequences of this are hard to predict. It is not just a matter of the financial hardship suffered by those thrown out of work through no fault of their own, or of the strain imposed on the social welfare system, but also of the mental stress, disillusionment and sense of helpless ness which come with not being able to find a job. This could well have a damaging long-term effect on attitudes towards work, particularly among young people con demned to go straight from school on to the unemployment register, and is almost bound to lead to widespread social unrest. The cause of sudden, high unemployment in the UK is a backlash against the consensus post-war economic policies of demand management to maintain near full employment, of support for industry and of income maintenance and the provision of social welfare services—policies which were developed in response to the experience of the inter-war years. The Thatcher Government has embraced a doctrinaire monetarist strategy for controlling inflation and a laissez-faire approach to the supply side of the economy without attempting to moderate the social impact of these policies. The extreme nature of this 'experiment' has attracted a good deal of interest from abroad, especially from the USA where the new President has expressed admiration for Mrs Thatcher and what her Government is doing. If only because there is a danger of Governments in other countries following the UK's lead—particularly as both the IMF and OECD have recently urged the pursuit of similar policies—it is important to draw international attention to what is now happening in the UK 18 months after Mrs Thatcher took office. In sharp contrast to the rhetoric of Government promises, the economy has been set on a path of rapidly falling output and escalating unemployment, leading towards the destruction of large parts of manufacturing industry. At the same time, the social advances which have been made during the post-war period are beginning to be reversed as the Government desperately seeks ways of offsetting the increase in its budget deficit caused by deepening recession." @default.
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- W137682537 date "1981-03-01" @default.
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- W137682537 title "The economic consequences of Mrs Thatcher" @default.
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- W137682537 doi "https://doi.org/10.1093/oxfordjournals.cje.a035472" @default.
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