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16 - THEORY AND INSTITUTIONS

from PART 4 - INTERNATIONAL DIMENSION

Published online by Cambridge University Press:  06 July 2010

G. D. N. Worswick
Affiliation:
National Institute of Economic and Social Research, London
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Summary

INTRODUCTION

In Part 3, notwithstanding occasional excursions abroad, we were essentially considering a closed economy and all the conclusions reached about the scope for policy were provisional. We must now deal explicitly with the various linkages between the British economy and the rest of the world. First of all there is the way in which changes abroad impinge on the British economy and, in particular, on employment. Then there is the fact that Britain is party to agreements with other countries, as well as being a member of a number of international economic organisations whose decisions affect the British economy. Do these agreements, and the international framework within which the economy operates, improve, or worsen, the prospects for employment? In particular, can such prospects be improved by the coordination of the economic policies of groups of countries? These are complex and difficult questions. This is partly because, just as we found in the macroeconomics of a closed economy, there are doctrinal differences. But it is also because judgements about policy are closely bound up with the particular institutional setting at the time. To give but one example: when the Bretton Woods monetary system of fixed, but adjustable, exchange rates was in operation, it was generally accepted that, as an act of policy an adjustment of the exchange rate could help resolve conflicts between the domestic and external balances of the economy.

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Chapter
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Unemployment: A Problem of Policy
Analysis of British Experience and Prospects
, pp. 185 - 205
Publisher: Cambridge University Press
Print publication year: 1991

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  • THEORY AND INSTITUTIONS
  • G. D. N. Worswick, National Institute of Economic and Social Research, London
  • Book: Unemployment: A Problem of Policy
  • Online publication: 06 July 2010
  • Chapter DOI: https://doi.org/10.1017/CBO9780511559778.017
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  • THEORY AND INSTITUTIONS
  • G. D. N. Worswick, National Institute of Economic and Social Research, London
  • Book: Unemployment: A Problem of Policy
  • Online publication: 06 July 2010
  • Chapter DOI: https://doi.org/10.1017/CBO9780511559778.017
Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

  • THEORY AND INSTITUTIONS
  • G. D. N. Worswick, National Institute of Economic and Social Research, London
  • Book: Unemployment: A Problem of Policy
  • Online publication: 06 July 2010
  • Chapter DOI: https://doi.org/10.1017/CBO9780511559778.017
Available formats
×