2015 | OriginalPaper | Buchkapitel
The United Kingdom
verfasst von : Rupert Griffin, Denis Gregory
Erschienen in: Minimum Wages, Collective Bargaining and Economic Development in Asia and Europe
Verlag: Palgrave Macmillan UK
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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.