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During the 1980s and early 1990s recessions, British manufacturing management restored profitability, sacked employees, and transformed productivity. To what extent does the British experience differ when compared against the major competitors Essay Example

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During the 1980s and early 1990s recessions, British manufacturing management restored profitability, sacked employees, and transformed productivity. To what extent does the British experience differ when compared against the major competitors

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This approach allowed the inflation rate to drop down to10% in 1982 and gradually only 4% in 1983 (Martin & Parker, 1995, p.Controlling inflation was a big achievement indeed but unemployment rate increased dramatically to its highest levels. Around 3,000,000 people were unemployed in United Kingdom which started severe riots in the country. Government was accused for this whole dilemma. Thatcher closed all the inefficient factories and industries too as they didn’t have enough productivity and were a burden on the economy. The job cuts raised many issues throughout the country as people were hand to mouths. 3 million unemployed people were a big figure thus ultimately government started to take care of this segment and as a result unemployment figure reached 1.6 million in 1989. The unemployment again increased from 1990-1993 but it was gradually under control afterwards. The introduction of Enterprise zone was the fundamental reason of reducing unemployment rate (Hall, 2001, p.The British government religiously followed monetarist economic model, focused on its all theories and implemented in its true spirits. The Monetarist policies brought revolutionary change in United Kingdom by the time and the results obtained were promising. Thatcher was a cult follower of monetarist policies. Deficit spending and lowering interest rate brought recovery in the economic position of Britain. Tax exemptions were given to start new business ventures in the country. The opposition opposed policies of Mrs. Thatcher but economists and research analysts believe that this was the best policy taken at that time as there was no other way out (Taylor & Bradley, 2008, p.(Meen, 1996, p. 431) illustrates that encouragement to enterprise zone was a good and important step taken by the government. This showed that government believed in private investment and also make friendly rules and regulations to start new business ventures. Relaxations were also given to the current business ventures so that economic rise would be seen in the country. The transfer of power in early 1990’s increased unemployment rate once again but in 1993 it came under the control of British government again. The steps taken by the government are significant & appreciable.The economic scenario prevalent in Britain was comparatively different from the world. The focus of Britain government was also unlike other nations. They deployed

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preview essay on During the 1980s and early 1990s recessions, British manufacturing management restored profitability, sacked employees, and transformed productivity. To what extent does the British experience differ when compared against the major competitors
  • Pages: 6 (1500 words)
  • Document Type: Essay
  • Subject: Business
  • Level: Undergraduate
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