By John Mills (auth.)
Europe's monetary hindrance analyses the explanations why the eu Union's progress price has fallen over the past area of a century to little greater than a 3rd of its earlier point. It concludes that the most important cause has been politically pushed makes an attempt to fasten ecu currencies jointly in irrelevant monetary situations. those have resulted in continual deflation, emerging unemployment and falling funding and competitiveness as european Member States, with no alternate cost flexibility, have discovered themselves not able to compete with Germany.
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Extra resources for Europe’s Economic Dilemma
Those with accumulated wealth dominated the way the economy was run as against those striving to create new industries. Sterling was too strong, The Historical Background 31 encouraging imports and discouraging domestic production. Too much investment went abroad. Too few talented people went into industry and commerce. Too many went into the professions, administering the empire acquired almost entirely as a result of Britain's earlier economic preeminence, and into academic life, the civil service, the church - anything, if they could avoid it, except industry and trade.
Where investments were made in industry, more went into widening rather than deepening the industrial structure. In Britain, in particular, there was a vast expansion of the cotton industry and coal mining, both of which were labour intensive, but where large productivity gains were difficult to achieve. In Germany, and to a lesser extent elsewhere on the continent, these trends were reversed. A higher proportion of investment went into new industries, such as the production of dyes and chemicals, sophisticated metal products, and later of motor vehicles and electrical goods.
In Britain, the initial reaction to the advent of the slump was much in line with the economic policies previously pursued. The Labour Chancellor of the Exchequer, Philip Snowden, tried to persuade his reluctant cabinet colleagues that the only solution to the financial crisis overwhelming the country was to maintain a balanced budget by implementing the same sort of cuts in expenditure which had been the undoing of the Bruning government in Germany. Eventually, there was a revolt when an overwhelming majority of Labour Members of Parliament ceased supporting the government, by refusing to back any more cuts.
Europe’s Economic Dilemma by John Mills (auth.)