Chapter

Introduction

Edited by David Card, Richard Blundell and Richard B. Freeman

in Seeking a Premier Economy

Published by University of Chicago Press

Published in print July 2004 | ISBN: 9780226092843
Published online February 2013 | e-ISBN: 9780226092904 | DOI: http://dx.doi.org/10.7208/chicago/9780226092904.003.0001
Introduction

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This book presents a set of studies that assesses some of the economic reforms that the United Kingdom adopted in the 1980s and 1990s. It focuses on a selection of reforms for investigation—in particular, those dealing with labor and product markets that are likely to have had an impact on productivity, employment, and income inequality. First, it shows that the reforms accomplished their main policy goal of making the UK economy and, in particular, the labor market more market-friendly. In the area of product-market reforms, the book reveals that the privatization of traditionally nationalized industries was a major part of the reforms. Also, with its freedom to move capital and extensive stock market, the United Kingdom has a particularly open capital market, which makes it easy for foreign firms to enter. Finally, the United Kingdom sought to increase share ownership by workers in their own firms with the hope of improving the commitment of workers to the firm and raising productivity through employee ownership.

Keywords: economic reforms; United Kingdom; income inequality; labor market; privatization; employee ownership; productivity; employment; capital market

Chapter.  3632 words. 

Subjects: International Economics

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