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Non-Price Competition, Trade and the Balance of Payments

In: Economic Growth and the Balance-of-Payments Constraint

Author

Listed:
  • J. S. L. McCombie
  • A. P. Thirlwall

Abstract

We showed in the previous chapter that the slow growth of national output (particularly for the UK) has been associated with a very slow rate of export growth relative to other countries. This resulted in a massive decline in the UK’s share of world trade in manufactures from just over 20 per cent in 1950 to just under 8 per cent in 1988. It is difficult to argue that this unfavourable trend has been the result of continually declining price and cost competitiveness because, for long periods over the postwar years, measures of price and cost competitiveness moved in Britain’s favour. Figure 4.1 shows movements in relative producer prices and unit labour costs from 1963 to 1989.

Suggested Citation

  • J. S. L. McCombie & A. P. Thirlwall, 1994. "Non-Price Competition, Trade and the Balance of Payments," Palgrave Macmillan Books, in: Economic Growth and the Balance-of-Payments Constraint, chapter 4, pages 262-300, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-23121-8_4
    DOI: 10.1007/978-1-349-23121-8_4
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