1998 Fiscal Year Final Research Report Summary
HISTORICAL STUDY ON BRITISH ECONOMIC DECLINE
| Project/Area Number |
09630085
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| Research Category |
Grant-in-Aid for Scientific Research (C)
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| Allocation Type | Single-year Grants |
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| Section | 一般 |
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| Research Field |
Economic history
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| Research Institution | GAKUSHUIN UNIVERSITY |
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Principal Investigator |
YUZAWA Takeshi GAKUSHUIN UNIVERSITY FACULTY OF ECONOMICS PROFESSOR, 経済学部, 教授 (70017549)
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| Project Period (FY) |
1997 – 1998
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| Keywords | GREAT BRITAIN / ECONOMIC DECLINE / INTERNATIONAL COMPETITIVENESS / GENTLEMANLY CAPITALISM / OVERSEAS INVESTMENT / NEW INDUSTRIES / NATIONALSATION / PRIVATISATION |
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| Research Abstract |
This study is to analyze the causes of British economic decline from the industrial revolution to the time of Lady Thacther's government. There are already lots of arguments relating to this topic, but the past analyses are patchy and sometimes the explanations are contradictory each others : weak industrial powers versus strong financial sectors, many colonies versus declining industrial export, and the first industrial nation versus the tenacious landed aristocracy. We need comprehensive explanation on these facts from economic and business historical viewpoints. The contents of this study are as follows. Firstly the interests of commercial and financial sectors dominated the British economy from the pre industrial revolution, and the system continued even to the post world war two. It is effectively explained by the idea of Gentlemanly Capitalism by Cain and Hopkins. Secondly, the British industrial decline started from the time of industrial revolution, which characterized the foll
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owing industrial organization and business behaviors, based upon the family firms. Thirdly the crucial points of the industrial decline from the end of the nineteenth centuries derived from the failure of conversion from the old to the new industrial economy. The old industry is composed of such industries as cotton, iron, and coal and the new industry composed of industries like electrical machines, automobiles and petroleum. Moreover, the British industrialists were reluctant to introduce the American mass production system, and the laborers, especially skilled workers, were antagonistic towards the system. Fourthly, Lady Thatcher launched the drastic innovation in the field of economy and business as well. She challenge the traditional economy and social systems which were more or less maintained by both the Conservative and Labor Governments, and tried to develop the new industrial economy including the privatization. However, it might take sometime to evaluate her policies finally.
Key Words......British Economy, Industrial Decline, Old Industry, Gentlemanly Capitalism, Lady Thatcher, Privatization Less
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