Chapter-4-Economy.ppt

Foreign Language Teaching and Research Press A Guide to English-Speaking Countries Chapter 4 Economy The United Kingdom of Great Britain and Northern Ireland 英语国家概况 Recent History of British Economy Current British Economy I II CONTENT Recent History of British Economy I Economic decline After World War II, the British economy experienced a period of great difficulty and relative economic decline. Growth and Decline Causes two World Wars—great economic loss the era of the British Empire was over—decolonization (losses of raw material market) military expense (until the process of decolonization completed in the 1960s) Policies “mixed economy” an economy in which thereis some public ownership as well as privately owned business During the 20th century thegovernment has become involved in the economy through introduction of social welfare policies and laws to regulate industrial relations. Policies (1945-1979) In 1945 the Labor party carried out drastic reforms nationalize key industries (such as coal, steel and transport) laid the foundation for postwar British social and economic development Result: Britain’s economic growth fell behind  that of western European countries Policies (1979-1997) 1979-1997 Conservative Party Margaret Thatcher Radical economic reform sell back those industries to the private sector beat inflation (primary objective) Promote competitive spirit in economy Social welfare reduced Result: Britain’s economic growth still lagged  behind Policies (1979-1997) “In politics if you want anything said, ask a man. If you want anything done, ask a woman.” —Margaret Thatcher Policies (1979-1997) Policies (1997-1997) In 1997 the Labor party Tony Blair the “Third Way”: differ from the old the Labor party’s nationalization reform and the conservative party’s extreme individualism made the Bank of England independent emphasized on the minimum wage and supplementing low incomes emphasized indi