Abstract
Abstract In the 1980s unemployment in Britain rose to levels that were unprecedented since the great inter-war recession of the 1930s. Levels of unemployment were historically low in the 1950s and 1960s, began to rise in the early 1970s, and, then climbed very steeply after the second ‘oil shock’ of 1978–9. Since the mid- 1980s a period of decline in the official rate was followed by another sharp upturn in unemployment. While the underlying similarity of pattern between many of the advanced societies suggests that global forces were at work, making unemployment an issue over which market economies may not have full control, the rise in unemployment in Britain during the early 1980s was particularly steep. Britain moved from being a country with one of the lowest unemployment rates in the OECD to one with among the highest rates in a very short period of time.
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