The British Economic Miracle:
New Labour and the economy

Andrew Gamble

Abstract

For much of the last forty years Britain was perceived to be in decline and the UK model of capitalism to be failing. The unsuccessful modernisation programmes in the 1960s and 1970s led to a different turn of policy in the 1980s under the Thatcher Government, which sought to reconstruct the older UK liberal model, drawing inspiration from the US rather than from Europe. The Thatcher Government helped create conditions for a new political economy to emerge in Britain after 1992 which has provided a sustained period of economic growth and financial stability. Its reforms were consolidated and extended by the Blair Government. The article will discuss the historical trajectory of the British economy in the postwar years, and the choice between Europe and America. It will examine why the UK model is once again claimed to be a success, and whether it is sustainable.
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Title: The British Economic Miracle
Approximate Word Count: 6844
Approximate Pages: 28 (250 words per double-spaced page)

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