Chapter

The Legacy of the Past and Future Prospects

G. C. Peden

in The Transformation of Scotland

Published by Edinburgh University Press

Published in print February 2005 | ISBN: 9780748614325
Published online March 2012 | e-ISBN: 9780748653348 | DOI: http://dx.doi.org/10.3366/edinburgh/9780748614325.003.0011
The Legacy of the Past and Future Prospects

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This chapter summarizes the preceding discussions and presents some concluding thoughts. By the late twentieth century Scottish GDP per capita was approximately the same as the UK average. Given Scotland's relative backwardness compared with England in 1700, the evolution of the Scottish economy since then may be regarded as a success story, although there have been periods of crisis and decline, especially in the 1920s and 1930s. It is tempting to ascribe that success to the Union of 1707, and certainly the Union has served Scotland well in terms of wider markets from the eighteenth century and in terms of regional policy and net public-sector transfer payments for much of the twentieth century. However, the Scottish response to the opportunities offered by wider markets was vital, and in the nineteenth century the impact of the Union was relatively neutral as Scottish exports achieved market penetration on a world scale.

Keywords: Scottish economy; economic growth; Union of 1707; economic history

Chapter.  1354 words. 

Subjects: Regional and Area Studies

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