Globalisation ebbs and flows. The world of 1914 was much more globalised in relative terms that the world economy of 1979. Britain was the premier financial centre of the world in the late Victorian world, declined during the war years (1914 – 1970), and them boomed again between 1980 and the 2008.

From boom to bust and back again • Resolution Foundation From boom to bust and back again • Resolution Foundation

March, J.G. 1978. Bounded rationality, ambiguity, and the engineering of choice. Bell Journal of Economics 9: 587–608. All the major points and figures from the past 200 years are contextualised and explained - the Industrial Revolution, (the repeal of) the Corn Laws, the Attlee reforms and ‘new Jerusalem’, and the Thatcher response (and reversal?) to this. The UK is, at the same time, both one of the world’s most successful economies and one of Europe’s laggards. The country contains some of Western Europe’s richest areas such as the south east of England, but also some of its poorest such as the north east or Wales. Looking into the past helps understand why.A terrific achievement, covering clearly but with subtlety everything from the spinning jenny to Covid-19’ Geography still dictates trade. During the high years of British imperialism, (1870) only 25% of exports went to the empire, and by 1900 only to 30%. Europe remained the UK’s most important export market. Muddling Through’ is a superb, detailed overview, charting 200 years of British economic history. For a nation immersed in the traditions of entrepreneurial innovation and ambitious start-up companies, it’s surprising how little space economic history seems to occupy in the minds of the general population. Surely all British school children should be given a more detailed idea of how the Capitalist engines of The City of London operate, considering their enormous influence on the economy. 2008 reminds us of how high are the stakes when the global financial system goes wrong. Surely such scandalous collapses would be less likely if the masters of the financial universe were held to account by an educated, informed population…

Muddling-Through Theory | SpringerLink Muddling-Through Theory | SpringerLink

Centuries of a largely agrarian economy vanished with the Industrial Revolution. Productivity and standards of living rose. The population and production moved from homes in the country to crowded towns. Increased coal production was needed to power mills. Canal traffic rose and railways boomed. The Malthus theory states that the world is governed by a brutal logic; human wants are infinite but human means were finite. Put simply, to limit starvation and masses of poor people, the best way to restrict population growth. Feeding the poor would only result in more poorer people. In some way it links in with your theory about housing and governments liking to restrict the population growth and therefore in the short run/their premiership taxation costs. Rapid population decline is not what governments want, as like Spain in the 1930, there are not enough people to harvest the corn. You may also opt to downgrade to Standard Digital, a robust journalistic offering that fulfils many user’s needs. Compare Standard and Premium Digital here. How has Britain managed previous periods of economic change? On each occasion, how much has our economic future been shaped by our economic past? And what can today’s policy makers learn from our history as they navigate the decade of economic change to come? For cost savings, you can change your plan at any time online in the “Settings & Account” section. If you’d like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial.Obviously, there's a good deal to to take issue with here. For example, in his explanation of the lead up to the industrial revolution, there's no mention of the enclosures or any of the other profound changes to English agriculture which made the rise of capitalism possible. And his treatment of the Empire is cursory and downright shameful.