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The United Kingdom

In: Minimum Wages, Collective Bargaining and Economic Development in Asia and Europe

Author

Listed:
  • Rupert Griffin
  • Denis Gregory

Abstract

As one of the first countries to both industrialize and de-industrialize, the United Kingdom provides a good case study of the labour market consequences of such a change. Moreover, many of the characteristics attendant on the shift towards an economy where the service sector provides the dominant share of both GDP and employment have subsequently also shown up in other mature industrial nations. The impact of the Great Recession on the UK economy was, it seems, exacerbated by the disproportionate size and influence of the banking and financial services sector which accounted for around a fifth of GDP in 2012. Recently, this has called into question the viability of the de-industrialization policy followed by successive governments over the last 40 or so years. Moreover, as we will show, from the standpoint of securing a fairer distribution of income and wealth, the macroeconomic policy changes introduced since the late 1970s have had the opposite effect.

Suggested Citation

  • Rupert Griffin & Denis Gregory, 2015. "The United Kingdom," Palgrave Macmillan Books, in: Maarten Klaveren & Denis Gregory & Thorsten Schulten (ed.), Minimum Wages, Collective Bargaining and Economic Development in Asia and Europe, chapter 17, pages 307-324, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-51242-0_17
    DOI: 10.1057/9781137512420_17
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    Citations

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    Cited by:

    1. Liang, Yan, 2022. "Impact of financial development on outsourcing and aggregate productivity," Journal of Development Economics, Elsevier, vol. 154(C).
    2. Daniel Mead & Isabelle Roland, 2020. "Has the Financial Crisis Undermined Credit Reallocation in the United Kingdom?," CEP Industrial Strategy 08, Centre for Economic Performance, LSE.
    3. Marlina Marlina & Badaruddin Badaruddin & Fikarwin Zuska & Rahayu Lubis, 2020. "The Implementation of Local Wisdom to Improve the Health and Quality of Life the Hypertension Family as a New Strategy for Early Prevention of Stroke," Global Journal of Health Science, Canadian Center of Science and Education, vol. 12(2), pages 1-51, February.
    4. Francesco Manaresi & Nicola Pierri, 2018. "Credit supply and productivity growth," Temi di discussione (Economic working papers) 1168, Bank of Italy, Economic Research and International Relations Area.
    5. Navío-Marco, Julio & Serrano Calle, Silvia & Solórzano-García, Marta, 2017. "Analysis of glamorous acquisitions in the telecommunications sector: Overvaluation or success?," 28th European Regional ITS Conference, Passau 2017 169487, International Telecommunications Society (ITS).
    6. Clymo, AJ, 2017. "Heterogeneous Firms, Wages, and the Effects of Financial Crises," Economics Discussion Papers 20572, University of Essex, Department of Economics.
    7. Francesco Manaresi & Nicola Pierri, 2018. "Credit supply and productivity growth," BIS Working Papers 711, Bank for International Settlements.
    8. Francesco Manaresi & Mr. Nicola Pierri, 2019. "Credit Supply and Productivity Growth," IMF Working Papers 2019/107, International Monetary Fund.

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