A provocative look at how and why Britain has fallen into
decline from being a superpower in 1914 to being a third world
economy in 2014 by two of Britain's leading Economists
journalists
With a second recession looming, Britain is facing a moment of
truth. Going South examines how the leader of the Industrial
Revolution came to exhibit the features of a "developing country."
The symptoms of this vertiginous plunge in the world's rankings are
already starkly apparent: a chronic balance of payment deficit, a
looming shortage of energy and food, a dysfunctional labor market,
volatility in economic growth, and a painful vulnerability to
external events. And if these are the big indicators of imminent
relegation to the Third World, many smaller ones are too numerous
to fully catalogue.
So stark is the evidence that it is our contention that Britain's
looming relegation is not in doubt. The names change with
intellectual fashion--the developing world, the Third World,
less-developed countries, "emerging markets," or simply the Global
South. But the destination is the same.
Britain is going south--rapidly.
Assuming that Britain faces up to its plight, there is no easy
model for the redevelopment of the national economy. Whichever path
is taken will be a hard one. The age of the quick fixes is
over.
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