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Is It Fair To Characterize the Nationalization Programme as a Failed Experiment - Report Example

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This paper under the headline "Is It Fair To Characterize the Nationalization Programme as a Failed Experiment?" focuses on the fact that the First World War, proved to be a very costly proposition for the world community in general. It cost Britain around $35 billion.  …
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Is It Fair To Characterize the Nationalization Programme as a Failed Experiment
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Download file to see previous pages Nationalization of key industries and sectors like Health, insurance were thought to be the easiest way for the all round development of the nation. The National Insurance and National Health Services (NHS) in Britain are a direct consequence of the consensus between Labour Party and the Conservative Party in the domestic politics during 1945-1970s. Britain came to be known as a welfare state, as it also established the state provision of social security benefits and pensions. Subsequently the Labour government also facilitated a policy which allowed the government to intervene directly in the economy by way of nationalisation of key industries, like coal, power and steel, and the transport sector (EIU, 2006). Management of war economy led to the belief that government can in fact state only can act in public interest and take decisive action to manage the economy in an effective manner. But the consensus on the political horizon did not last long with the recession setting in the economy in early 70s due to the hike in oil prices in 1973.

Voices started coming out against the policy of nationalisation. Pollard (1984) argues that ‘There is in operation ... law of the deterioration of British economic policies. Like the “average” Russian harvest (“worse than last year’s, better than next years’), every government seems to have done more damage and to have succeeded in fewer things than the preceding one.’ Gradually the share of Britain in world economy started coming down. By 1980s its share of world industrial production was no more than half of its share in the inter-war period, manufacturing exports reduced to less than a quarter Millward (1994). The cotton industry, which used to be an important segment of the economy before the war period, was in trouble during the war, but virtually disappeared as a world force by the 1960s. Britain used to be the world’s leading car exporter in the late 1940s, but the Germans started dominating the industry by 1990s.   ...Download file to see next pagesRead More
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