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Essay / Research Paper Abstract
This 8 page paper looks at the economy of the UK during these two decades, considering the GDP, inflation and unemployment along with the different factors that influenced the economy, such as political policies and the macro environment. The bibliography cites 4 sources.
Page Count:
8 pages (~225 words per page)
File: TS14_TEUK7080.rtf
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Unformatted sample text from the term paper:
and recessionary period. By looking at two decades between the 1940s and the 1990s the divergent influences on the UK economy can be examined. These range from social and political
influences to international trade influences which may also be related to the wider political environment. 1970s The 1970s was a difficult time of the UK economy, inflation was a
problem, hindered by oil prices and industrial disputes as well as political uncertainty, one year having two elections. The 1960s were seen as a golden age, unemployment was low,
and there had been a long period of growth. GDP fluctuated during this one period (see figure 1 at end of paper). One f the main factors that impacted on
the economy was the oil crisis. Oil is a basic commodity, it is used in so many industry, such as transportation, and as such an increase in oil prices is
known to have a knock on effect on inflation. This was well documented when in 1973 the price of oil was heavily
impacted by a political dispute. There was disdain from the Arabic countries for the way in which the west was supporting Israel in the Arab Israeli war of 1973. The
result was, that on 17th of October 1973 King Faisal of Saudi Arabia placed an embargo on oil supplies to the west to punish them for that support (Mably,
1998). The oil prices quadrupled and sent many western countries into recession (Mably, 1998). This demonstrated how powerful OPEC was at determining oil prices.
In many ways when we look at the problems of the embargo in the united Kingdom we can see many changes started happening about this time and the
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