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Transition and Revolution: 1970–95

In: Full Employment: A Pledge Betrayed

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  • John Grieve Smith

Abstract

The 1970s were a period of transition from the postwar years of full employment to the period of deflation and mass unemployment which started in the early 1980s. Between 1946 and 1970 annual unemployment did not exceed 2.5 per cent, but in the 1970s it remained between 2.5 and 6 per cent; and then from 1980 to 1995 it stayed up in the range 6 to 13 per cent, averaging 10 per cent, virtually the same as in the 1920s. The economic events which triggered this transition were a succession of world-wide booms in oil or commodity prices which set up sharp inflationary spirals throughout the industrial world. The difficulties in coping with these by existing means eventually led to a resort to deflationary measures which raised unemployment to a new order of magnitude.

Suggested Citation

  • John Grieve Smith, 1997. "Transition and Revolution: 1970–95," Palgrave Macmillan Books, in: Full Employment: A Pledge Betrayed, chapter 5, pages 78-104, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-37238-2_5
    DOI: 10.1057/9780230372382_5
    as

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