The British Economy After Oil: Manufacturing or Services?

The British Economy After Oil (1988) examines the future paths for the British economy as North Sea oil runs out, considering the argument for promoting and growing services and the counter-argument for developing a strong manufacturing base.

Format: Hardback
Length: 178 pages
Publication date: 12 October 2023
Publisher: Taylor & Francis Ltd

The British Economy After Oil (1988) delves into the future prospects of the British economy as the North Sea oil reserves deplete. It explores the debate surrounding the future of the economy, with one camp advocating for the promotion and expansion of services, while the other suggests the importance of fostering a robust manufacturing base.

The book examines various factors influencing the post-oil era, including the impact of technological advancements, global economic trends, and government policies. It assesses the potential benefits and challenges associated with each economic strategy, such as job creation, economic growth, and trade imbalances.

One of the key arguments put forth in the book is that the future of the British economy lies in the development of services. Services, including finance, healthcare, education, and tourism, are seen as key drivers of economic growth and job creation. The authors argue that these sectors have the potential to attract investment, foster innovation, and provide a high-quality of life for citizens.

However, the book also acknowledges the concerns associated with relying solely on services. One of the main concerns is the potential for job losses in traditional manufacturing industries, which have been a significant part of the British economy for many years. The authors argue that it is essential to invest in education and training programs to ensure that workers can transition to new sectors and remain employable.

Furthermore, the book highlights the importance of a strong manufacturing base in the post-oil era. While services are crucial, the authors argue that a manufacturing sector can provide a foundation of stability and resilience to the economy. Manufacturing industries can create jobs, generate wealth, and promote technological advancements.

The book also examines the role of government policies in shaping the post-oil economy. It suggests that policymakers need to prioritize investment in infrastructure, research and development, and skills training to support the growth of services and manufacturing. Additionally, the book calls for a more balanced approach to trade policy, which should focus on promoting exports and attracting foreign investment while also protecting domestic industries.

In conclusion, The British Economy After Oil (1988) provides a comprehensive analysis of the future paths for the British economy as North Sea oil runs out. The book advocates for a balanced approach that combines the promotion and growth of services with the development of a strong manufacturing base. By examining the potential benefits and challenges associated with each economic strategy, the book offers valuable insights into the future of the British economy and the steps that policymakers need to take to ensure its sustainable growth.

Weight: 520g
Dimension: 234 x 156 (mm)
ISBN-13: 9781032575735