The British Economy Since the Second World War.

The British Economy Since the Second World War. In accordance with the above view, the financial development of Britain in the past (in the pre-1940 period) should be considered as the direct result of the country’s expansion around the world (through the creation of protectorates or other forms of political and military control over states worldwide). However, the intervention of the two World Wars to the country’s economy has been radical. In fact, it has been proved (especially through the statistical data published in the period involved) that the consequences of the Second World War to Britain’s economy and population have been severe. A relevant study made by Obelkevich et al. (1994, 119) proved that ‘for most of the 1950s, unemployment was low and the wage stop affected fewer than 3,000 people—including the sick—at any one time. but as unemployment rose, so did the numbers being wage-stopped. by 1965, there were 16,000 wage-stopped unemployed families with 56,000 children’. In other words, the results of the Second World War on the British economy have been direct and severe: the country was forced to face a continuous growing unemployment rate while the performance of the commercial sector was disappointed. All these conditions, led to the restructuring of the British social class giving to Labour a significant strength compared with the past when the Conservatives had a clear superiority in the country’s political framework.

As already stated above, the post – 1945 period is characterized by significant changes in most sectors of British society and the economy. Towards this direction, it is supported by Pugh (1999, 50) that ‘from the perspective of the post – 1945 welfare state it is only too easy to take for granted the idea of government responsibility for the level of unemployment and standards of living’. In other words, governmental policies applied in a particular period should not be considered as the main reason for the&nbsp.delays in the development of the country from 1945 until today.

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