IN THE 1970s, Britain was dubbed “the sick man of Europe”, a role previously played by the Ottoman empire in the late 19th century. A poor growth record since the Second World War was combined with terrible industrial relations (29m days lost to strikes in 1979) to make many ask the question “Is Britain governable?”.
The reason Britain joined what was then the EEC in 1973 (at the third attempt) was, in large part, a desperate attempt to find a way of forcing the country to become more competitive. Whether Europe was the key factor, or whether it was Margaret Thatcher’s reforms, by the mid-1990s, the trick seemed to have worked. In particular, London, which lost a quarter of its population between 1939 and the early 1990s, became a global, self-confident city, attracting expats from all…Continue reading
from Business and finance http://www.economist.com/blogs/buttonwood/2017/07/1970s-show?fsrc=rss