ECONOMIC institution and policy(British economy) - Essay Example

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ECONOMIC institution and policy (British economy) Table of Contents ECONOMIC institution and policy (British economy) 1 Table of Contents 2 Introduction 3 Contribution of UK’s Manufacturing Sector, 1970-2010 3 Reasons behind the Decline of UK Manufacturing Sector, 1970-2010 6 Could the British Government have avoided the Decline?…
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Download file to see previous pages But the sector experienced a tragic downfall during the post-war period which continued till mid-1980s. However, the trends improved post 1983 and continued to develop till 1990 when it once again underwent a bust period (Buxton & Mananyi, 1998). Many researchers blame this erratic behavior of the supporting sector of UK to the economic policies adopted by the decision makers of the nation and thus, the present paper will attempt to outline the trends of the nation over the decades between 1970 and 2010. Contribution of UK’s Manufacturing Sector, 1970-2010 The contribution of UK’s manufacturing sector could be assessed from a few statistics aligned to the sector. The adjoining graph depicts the change in the gross value added by the manufacturing sector over the years between 1970 and 2009. The trends so depicted denote an overall heavy impact created by the manufacturing sector over the years. However, the difference is found to be rather stark from 1970 to 1980 and then 1990. In other words, these three years depict huge differences in the gross value added figures. On the other hand, the figures corresponding to the years between 1990 and 2009 are found to be quite near to each other. The year 2000 is characterized by a peak but is followed by a slight dent at the end of 2009. Nonetheless, the figures are found to have improved by almost a multiple of 10 between 1970 and 2009. The following diagram shows the growth in industrial production of UK over the years, which is suggestive of a gradual improvisation in its position. Although the above diagram for gross value added shows a downfall from 2000 to 2009, the present one shows a positive growth occurring between 2000 and 2010. This clearly indicates that there had been a hike in industrial production between 2009 and 2010. The above graph depicts the contribution of manufacturing sector of UK in absolute terms. However, to draw a more robust comparison, the ideal method would be to form a relation with the GDP of the economy. Such an interpretation could help in making an assessment of the contribution of the sector to the economy. The bar-graph alongside shows the contribution of the manufacturing sector as receding over time. The decline is a consistent one over the years thus implying the gradually falling importance of the manufacturing and industrial segments of the nation. The declining importance of the manufacturing sector of UK is also prominent from its receding contribution to the employment share of the nation. The adjoining bar graph shows the trends in the share of employment rate accounted by the manufacturing sector of UK. The decline is found to be the greatest from 14980 to 1985 followed by that from 2000 to 2005. As per the latest records, the employment share of the sector to the gross economic value stands at 9.83% which is almost 20% below that in the year 1975. Given the historic importance of the manufacturing sector behind the economic development and growth of UK, a decline in its popularity over the years took a toll upon the net disposable income of the economy. Net disposable income of the economy is found to be traversing through a negative phase after having reached a peak during 1980. This is an obvious indication of the increased costs of structural unemployment in the economy. Another prominent indication is that of a declining percentage change ...Download file to see next pagesRead More
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