II. Contexts - Economic
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Background
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Industrial Revolution ‑ 1760
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Dominated 19
th
Century World Economy
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Post World War II
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Living standards improved steadily to mid‑1970's
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Loss of exploitable colonial possessions
Dominated 19
th
Century World Economy
By end of World War II, clearly not the dominant economy any more or perhaps even a dominant economy
Living standards improved steadily to mid‑1970's
Growth of cradle to grave welfare state
National health insurance
National pension system
National system of welfare
More recently, every child 3-5 eligible for $2000 year child care allowance
Britain's relative position in terms of economic growth deteriorated
Income distribution has been growing less equal since 1980.
But unlike USA lowest paid workers still have some growth in their incomes
Highest child poverty rate in course (but well below USA)