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What can we learn from the United Kingdom’s post-1945 economic reforms?

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journal contribution
posted on 2023-06-10, 00:52 authored by Nicholas Crafts
This article reviews the claim that economic policymakers in the post-COVID UK should learn the lessons of the 1940s. Post-1945 policies relating to delivering full employment, levelling up, upgrading social security, dealing with the public debt legacy, and addressing the productivity puzzle are considered. The article finds many reasons to criticise the policies of the 1940s. Although, superficially, outcomes look good, a closer examination reveals significant failings notably concerning design of the welfare state and supply-side policy for growth. The 1940s do not provide a good way to address the productivity slowdown or twenty-first-century social insurance.

History

Publication status

  • Published

File Version

  • Accepted version

Journal

Economic Affairs

ISSN

0265-0665

Publisher

Wiley

Issue

3

Volume

41

Page range

354-376

Department affiliated with

  • Economics Publications

Full text available

  • No

Peer reviewed?

  • Yes

Legacy Posted Date

2021-09-06

First Compliant Deposit (FCD) Date

2021-09-06

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