Economic Restructuring: The British Experience

Abstract

This article deals with certain aspects of British economic decline. After a short historical review of British economic performance, the phenomenon of deindustrialization is examined. Two major economic theories of deindustrialization are discussed alongside empirical evidence of the recent, rapid decline in Britain's manufacturing base and its worsening trade performance in goods and services. The effects of multinational corporations are also briefly examined. In the final section of the article, attention is given to some of the social and political aspects of deindustrialization. In particular, evidence on poverty, unemployment, and living standards in contemporary Britain is discussed in relation to a sociological model that attempts to explain certain apparent paradoxes of British society. This model is an extension of T. H. Marshall's pioneering work on citizenship and social class and serves to highlight both the continuing stabilizing effects of the modern status order and the possibility of further clashes between the competing claims of citizenship and social class.