Problems of the British economy (original) (raw)

This paper examines the inflationary experience of the British economy since 1972, analyzing various contributory factors including monetary policy, fiscal policy, and the influence of trade unions. It argues that the wages policy introduced by the Heath government exacerbated inflation, contributing significantly to rising wage rates. The work highlights the interplay between class conflict, demand factors, and the responses of labor unions in shaping the inflationary landscape of the UK during the 1970s.