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While the 1950s and 1960s saw moderate economic growth and rising living standards, British industry struggled to compete internationally, and growth lagged behind Europe.

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The vacant jobs are low-paid => statutory minimum wage & statutory living wage

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1. Maintaining Competition:

Antitrust Laws: The government enforces antitrust laws to prevent monopolies and oligopolies, which can harm consumers by limiting choices and raising prices.

Regulation of Industries: In some industries, like utilities and telecommunications, the government regulates prices and services to ensure fair access and quality.

2. Providing Public Goods and Services:

Infrastructure: The government invests in infrastructure like roads, bridges, and airports, which are essential for economic growth and trade.

Education: Public education systems provide a skilled workforce, contributing to long-term economic development.

National Defense: A strong military ensures security and stability, which is crucial for economic prosperity.

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The US Constitution (1787)

- The entire nation (Maine -> Georgia, Atlantic Ocean -> Mississippi Valley) was a unified/ "common" market

- The Federal government could regulate commerce among states & outside nations, establish bankruptcy laws, create money, fix patents & copyrights rules, etc.

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In the seventeenth century, British companies employed British settlers and took raw materials from the colonies. (not compete with the mother country)

This relationship collapsed when Britain tried to impose taxation and further trade restrictions.

After War for Independence, the USA developed its economic markets: expanded agriculture, farmed the prairies, exported more products...

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Government regulation of private industry : Economic regulation and social regulation

Economic regulation: control prices, protect consumers and small businesses from more powerful companies; protect companies from the destructive competition with each other.

Social regulation: Promotes objectives that are not economic ( safer wworkplaces, cleaner environment...) ; discourage and prohibit harmful corporate behavior; encourage good behavior

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American economy in the early 20th century:

Rapid Industrialization: The U.S. shifted from an agrarian to an industrial economy, driven by natural resources, iron production, and innovations in steam and electrical power.

Technological Advances: Inventions like the internal combustion engine, telegraph, telephone, radio, and assembly-line production revolutionized manufacturing.

Rise of Large Corporations: Economies of scale enabled the growth of large companies and corporations (trusts) in sectors like oil and steel, often dominated by influential figures like Rockefeller and Carnegie.

Unregulated Capitalism: The market economy allowed for largely unrestricted business operations, resulting in monopolies and wealth concentration.

Labor Challenges: Rapid industrial growth led to poor working and living conditions, especially for African Americans and European immigrants moving to cities.

Antitrust Legislation: Initial government efforts to regulate monopolies, though corporations retained significant power.

1920s Economic Boom and Instability: The "Roaring Twenties" saw increased living standards but also economic speculation, leading to the Wall Street Crash of 1929.

The Great Depression: Beginning in 1929, it was marked by massive unemployment and bankruptcies, leading to demands for government intervention.

New Deal: President Franklin D. Roosevelt introduced policies to stabilize the economy, including the Social Security Act (1935), marking a shift toward government welfare support.

Post-War Economic Dominance: After World War II, the U.S. emerged as a global economic leader, setting the stage for a mid-century economic boom.

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The late 19th century and the 20th century brought substantial industrial growth

Labor union gradually developed clout

Unions prospered in the years following World War II, but in later years, union membership has dropped

In 2019, the US workforce consisted of about 157 million people with mobility and flexibility, but not all workers have gained from economic growth

The economic status of women as employees and employers has improved

Access to paid sick leave varies significantly between professions

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- Benefits:

+ British => rich and powerful

+ production methods & technology advanced

+ improve in quality of goods and services

- The decline: began in the end of 19th century

- However: still influential in global financial and commercial dealings

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1. Aging demographics

Population is aging, which slows workforce growth.

Possible solutions are encouraging older workers to stay in the workforce longer and and using immigration to help fill workforce gaps.

2. Skills gap and lagging educational achievement levels

Many American workers lack essential skills, with U.S. students ranking low in math, science, and reading compared to other developed countries.

Improving skills in math, science, and literacy and increasing job training opportunities are essential to boost productivity and economic growth.

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the majority of workers are employed by an organization.

The contemporary deregulated and mobile economy has created different work patterns

The workforce has become more mobile, motr “white-collar” and better educated

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Pre-colonial period: varied economy - nomadic food-gathering, fishing & hunting -> settled agricultural communities.

During the colonial period: a similar basic economy -> sophisticated agricultural systems based on small farms

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Colonial times - the mid-nineteenth century: The economy was primarily agrarian, with agriculture as the main source of income and employment.

Late 19th century - Early 20th century: The US experienced rapid industrialization and the rise of manufaturing. -> Becoming the world's richest country + the leading industrial nation.

Late 20th century (1970s) - Present: Growth of service industries, decline in traditional manufacturing industry, weakening in position, instability in some sectors such as trade, dollar values.

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1. Evolution of the British Workforce

Shift from Industrial to Service Economy: The decline of manufacturing and the rise of the service sector.

Changing Job Market: Increased self-employment, part-time work, and temporary jobs.

Skill and Education Demands: The need for higher education and specialized skills.

2. Employment Trends and Challenges

Unemployment and Job Security: Fluctuations in unemployment rates, especially among young people.

Gender Disparity: Women's underrepresentation in certain sectors and lower pay.

Work-Life Balance: The impact of part-time and flexible work on individuals and families.

3. Income Inequality and Wealth Distribution

Wealth Concentration: The top 10% of households hold a disproportionate wealth share.

Changing Wealth Sources: The emergence of new wealth sources, such as technology and finance.

Social Mobility: The ability to move up the socioeconomic ladder.

4. Government Policies and Labor Market Reforms

Minimum Wage and Living Wage: Government initiatives to improve worker pay.

Education and Training: Efforts to equip workers with the skills needed for the modern economy.

Workforce Flexibility: Policies that balance flexibility with job security.

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There are 167 unions representing diverse workers. Members pay subscriptions for services, including legal aid and strike pay.

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Prices are expected to rise quickly, reaching over 4% by the end of 2017, making it harder for people to afford things.

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The national debt had risen from £760 million to £3.5 billion. Britain had spent close to £7 billion, or a quarter of the national wealth, on the war effort.

They have used up all the national reserve and have to take a loan from America of about £3.75 billion

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How well the UK economy does will depend on the terms of the Brexit deal with the EU, which are still very unclear.

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This have not prevented private interests from turning to the government for help on numerous occasions. Railroad companies accepted grants of land and public subsidies in the 19th century. Industries facing strong competition from abroad have long appealed for protections through trade policy. American agriculture, almost totally in private hands, has benefited from government assistance. Many other industries also have sought and received aid ranging from tax breaks to outright subsidies from the government.

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There are worries that leaving the EU could mean the UK loses access to the single market, which could disrupt trade and investment.

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The US is one of the world's biggest importers & exporters and one of the world's most significant economic markets with Europe and Asia being predominant.

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- Emergence: American trade unions emerged in the 19th century, similar to their counterparts in Great Britain and Europe.

- Initial Goals: These unions were formed to protect workers from harsh working conditions and unfair treatment.

- Connection to the Labor Party: Unlike in Britain, American trade unions focused more on collective bargaining to secure economic gains for workers rather than being closely linked to a political party like the Labour Party.

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Post-War Reconstruction and Welfare State

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Post-War Reconstruction and Welfare State

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Britain, facing debt and economic damage, rebuilt through nationalization and welfare programs, notably creating the NHS in 1948. The U.S.-funded Marshall Plan (1948-1952) also helped stabilize the economy.

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The UK's economy is expected to shrink in 2016, the first full-year drop since the 2008-09 crisis. This is because the UK decided to leave the European Union.

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Modern trade focus on advocating for better working conditions, pay, and health standards. Membership was 6.2 million in 2016, down from 13 million in 1979.

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The second-largest economy in Europe after Germany has an efficient agriculture sector, producing 60% of food with less than 2% of the labor force

Key GDP growth: banking, insurance, business services

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US government policy toward business could be summed up by the French term laissez-faire - "leave it alone", private interests should have a free rein.

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- Began: late 18th century

- Manufacturing inventions

=> mass production and the economy

=> industrial towns, factories, transport system

- Effective manufacturing methods

=> competitively priced goods

=> British: urban and industrialized country

- Drawbacks:

+ long working hours

+ bad conditions

+ rural areas lost population

+ decline on traditional home and cottage work

+ social and moral problems

+ mechanization: exploitive and dehumanizing...

+ mass unemployment

+ growth of urban slums

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Trade unions are an invaluable resource for employees in the UK, offering a range of benefits and protections not available to those who are not members. From better pay and improved working conditions to legal protection and advice, trade unions are a powerful tool for employees to have a say in the workplace.

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The understanding of American economy starts with Adam Smith's concept of the "invisible hand"

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Since the WW2, Britan has suffered from economic problems caused by domestic and global factors, which resulted in recession, inflation and high interest rates, unemployment, balance of trade weaknesses, poor growth, a fluctuating pound, and industrial relations diffuculties.

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Early industrial development occurred mainly in large towns. Financial and commercial institutions were founded in London.

During colonial times, Britain took cheap raw materials from the colonies, manufactured them, and then exported them abroad, thereby gaining wealth via international trade. They protected traders and secured markets with their dominant military and economic power.

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Trade unions gained legal recognition in 1871, evolving from 14th century trade guilds and social clubs.