So in the same timescales why have other countries still got their major companies and industries and we have next to nothing?
Why are we buying usa helicopters and planes instead of making our own (westland anyone?).
Why are we not training adequate nurses, doctors, tradesmen, etc?
Why have we offshored countless thousands of it jobs to india, malaysia, ue countries?
Thatcher pure and simple apart from British Leyland who made crap cars
Yawn! It’s called comparative advantage. Basic economic theory dating back to Smith.
It’s why UK is good at financial services, Germans make cars, India does IT outsourcing and Spain sells oranges. Comparative advantage has been more profound in the last 20 years because of the globalised world we live in.
I think I read that the biggest margin was about £18 per MiniThe Mini came out around 1959 - years later it was found that it probably made a loss for many years in spite of being a truly innovative car.
Maybe VG's popular revolution occurs and the big parties collapse.
I´ll have whatever you´re on ! I need my bed !This comparative advantage, she is a tricky thing. As I recall it was Ricardo, the English, the Portuguese and wine and textiles. The problem was what if you have a comparative advantage in nothing at all (the Portuguese in the example; us today) -England is better at both textiles and wine than the Portuguese. Old Ricky said that the comparative advantage applies inside as well as between. Let's say the English are better at textiles than wine. So they should get out of wine and leave that to the Portuguese.
That, of course, has been the case for us getting out of manufacturing -there's other stuff we're better at- and why the Germans and French are mugs to stay in metal bashing mass market motor vehicles. In the medium to long run they're unsustainable and in the short term they involve ongoing opportunity costs in the efficient allocation of resources . Of course, people like The Economist have been saying this for yonks -but it seems to work for the Germans if not so much for the French.
In Newport West?It´s happening.
But there is no comparative advantage of india doing IT instead of the UK. Having put out literally thousands of jobs to india, poland and Malaysia i can tell you it is a myth and many companies have had to cancel those contracts and try to manage a return to inhouse.
So whats the story with nhs staff, are other countries better at being doctors or nurses. Are other countries better at plumbing and other trades. Nothing to do with purposely not training and getting cheap labour by stealing staff from another country.
What encouragement is giving to companies to remain here.
The steel and coal industries were either closed and/or undermined to smash the unions. When shipbuilding was in recession we closed our yards whilst japan and s korea built new yards waiting for the upturn. Can you imagine any other country allowing our defence companies to be amalgamated?
Where has our defence industry gone, are you saying we are shit at making things for killing people. Not long ago we made the instruments and head up units for every single us warplane - what happened, political decision?
Closing Chatham dockyard - political decision..
Lets stop talking bllocks and get back to keynsian economics or at least
A result of poor implementation. The likes of HSBC offshored and then subsequently onshored. They made the mistake of sending customer facing and non-transactional call centre work to India - doesn’t work!
When it is done well, offshoring works well. IBM, for instance moved most transactional finance roles (such as PTP, OTC) to lower cost, better skilled countries like Slovakia and Hungary in the early 2000s. It has been successful. I could give you 20 other examples of successful implementations that I’ve personally been involved in.
At the moment, I am working on a global IT transformation project. We bring hundreds of Indian developers to the US. Why? Because they are better skilled, better educated, and more available. Are they cheaper? No! They are paid on par with US employees.
What you say is nonsense.
Read up on comparative advantage. Many other countries do have a comparative advantage at providing health care. That is a result of decades of investment in training doctors. So, in answer to your question, yes - many other countries are better at providing healthcare services.
Precisely! Brexit is creating difficult conditions for business in the UK. Companies are reviewing investment decisions and moving to mainland Europe.
You’ve gone off topic. This is a Brexit debate - not a general discussion about UK domestic policies over the last 50 years.
We now live in an interconnected world. The economic boom-bust policies of the 1970 are less relevant today.
Those nasty EU people have extended article 50 to October 31 with a review at the end of June - time for VG to re-set all his clocks
There you go again. :-)The Brits are miserable buggers, who spend all day on football message boards complaining about everyone else... lol
Its all relevant to brexit as leavers and remainers make claims that will not be solved by staying or leaving.
You really are a condesending idiot, there are many different types of off shoring skillsets and as for IBM, many companies that gave their IT over to them as service providors have taken it back e.g. astra zenecca just one. Many companies that were off shored to india are returning the services, less so from Poland.
You are ‘getting many indian IT workers that are highly skilled - good luck with that especially if they are from one of the three major players. I have been playing this game for a long long time and the long term figures do not stack up.
For your 20 supposed successes, over what period? I could quote another 20 in the opposite direction - so what?
Why dont you quote me some more economists, maybe you will think that makes you clever.