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Britain, Europe and EMU - Walter Eltis

Britain, Europe and EMU

Hardcover Published: June 2000
ISBN: 9780333773376
Number Of Pages: 291

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The British economy appears to be transformed, while in the 1990s other European economies have suffered growing unemployment, rising taxation and increasing industrial unrest. Europe has apparently caught 'the British disease'! This book offers a detailed account of the recovery in Britain's economic performance and the deterioration in continental Europe. Walter Eltis argues that problems will arise if Britain moves closer to the failing European economies by joining the European Monetary Union. The book shows in detail how workers' living standards have risen by almost 30 per cent in Britain, while they have stagnated in France and Germany. Britain has become the most attractive base in Europe for inward investment from leading international producers, and this has transformed export performance. Europe's exploitation of the information technology revolution, frustrated by misguided trade policies, has only reached one-third of the US level. EMU entry would entangle Britain in Europe's difficulties and undermine its achievements. Outside EMU, Britain has the opportunity to become, again, one of the world's most prosperous economies. The book concludes with accounts of the modern relevance of Locke on inflation, Ricardo on public debt and Condillac on the creation of competitive market economies.

'Eltis writes in an engaging manner and is impressive in marshaling statistical evidence to support his arguments...' - Albion

List of Figuresp. vi
List of Tablesp. viii
Introductionp. ix
Acknowledgementsp. xvii
Public Expenditure and the British Economy (with Robert Bacon)p. 3
The Key to Higher British Living Standardsp. 29
Closing the British Competitiveness Gap (with David Higham)p. 52
The Political Economy of British Foreign Direct Investmentp. 73
Europe's Unemployment Crisisp. 101
The IT Revolution and European Employmentp. 131
The Lessons for Britain and for Europe from the Success of German Counter-inflation Policyp. 155
The Creation and Destruction of EMUp. 171
Further Considerations on EMU: It will Create Instability and Destroy Employmentp. 184
Historical Lessons
John Locke and the Establishment of a Sound Currencyp. 209
Debt, Deficits and Defaultp. 234
France's Free Market Reforms in 1774-6 and Russia's in the 1990s: The Immediate Relevance of the Abbe de Condillac's Analysisp. 253
Referencesp. 271
Indexp. 280
List of Figures
Ratio of UK general government expenditure to GDP, 1963/4 to 1995/6
The rate of taxation and total tax revenue
Comparison of manufacturing productivity between the UK and other leading economies, 1979-94
Growth of GDP per head in the world's leading economies, 1968-95
Labour stoppages in the United Kingdom, 1975-95
Destination of male UK graduates with first class honours degrees, 1950-92
GDP per head in 1997
Graduation rates in 1992
Participation in higher education, 1978-94
Proportion of 16- and 17-year-olds in full-time education or training, 1984-94
Proportion of employees of working age receiving job-related training, 1984-94
Business investment as a proportion of GDP, 1960-93
Investment in machinery and equipment as a proportion of GDP, 1960-93
Manufacturing investment as a proportion of manufacturing output, 1968-93
Business and enterprise expenditure on RandD in 1993
Profitability in industrial and commercial companies and in manufacturing, 1970-93
Productivity in UK and German manufacturing industry, 1980 and 1992
International comparison of inward and outward foreign direct investment, 1980-90
Share of foreign affiliates' RandD and turnover in total manufacturing RandD and turnover in 1989
Growth of Japanese-owned manufacturing in the United Kingdom, 1972-92
Growth of German-owned manufacturing in the United Kingdom, 1970-90
Inward direct investment in the United Kingdom attributable to overseas companies, 1981-9
The displacement of British by foreign-owned firms in the manufacture of television sets, 1967-91
UK trade in colour televisions, 1970-91
Trend in employment by foreign affiliates in manufacturing industry, 1980-90
Level of wages per employee of foreign affiliates in manufacturing industry, 1980-90
Hourly labour costs for production workers in manufacturing industry in 1993
Total taxes on business as a proportion of GDP in 1992
Telecommunications costs in the European Union in 1994
Unemployment rates in Europe, the United States and Japan, 1980-98
Employment participation rates in Europe, the United States and Japan, 1980-98
Public and private sector employment creation, 1974-92
A higher cost of labour reduces private sector employment
Ratio of government outlays to GDP in the UK, Germany and Sweden, 1965-93
Ratio of Public to private employment in the UK and Sweden, 1965-93
Composition of US business investment, 1980-98
US business purchases of software, 1983-98
Measures of the US high-tech economy, 1988-98
The falling price of US technology, 1980-98
Taxation and unemployment rates in OECD economies in 1995
European implicit tax rates, 1980-96
The charts they tried to suppress, 1994
Table of Contents provided by Syndetics. All Rights Reserved.

ISBN: 9780333773376
ISBN-10: 0333773373
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 291
Published: June 2000
Country of Publication: GB
Dimensions (cm): 21.59 x 13.97  x 2.06
Weight (kg): 0.54
Edition Number: 1