The EU and the Global Financial Crisis
Show Less

The EU and the Global Financial Crisis

New Varieties of Capitalism

Christian Schweiger

This authoritative book offers a complete breakdown of the EU’s political economy in the wake of the global financial crisis and will therefore appeal to students of European politics, international political economy and European studies, as well as policy-makers and other stakeholders.
Buy Book in Print
Show Summary Details
You do not have access to this content

Chapter 4: The United Kingdom - still the liberal model?

Christian Schweiger


The British economy has been firmly placed in the liberal paradigm of the Varieties of Capitalism (VoC) approach since Prime Minister Margaret Thatcher had introduced fundamental reforms in the late 1970s. In the decade between 1979 and 1989 the British model underwent a radical transformation from its traditional post-war approach, which was characterised by Keynesian economic policies with high levels of taxation and public spending combined with a significant political influence for the trade unions. The history of Britain's relationship with the post-war project of institutionalised European integration has been a troubled one right from the start. By the 1960s it became obvious that the British model had fallen substantially behind many of its continental partners (particularly Germany) which were benefiting from the trading opportunities opened by the creation of the Common European Market in 1957. While the continent was booming, Britain moved through repeated cycles of boom and bust and generally struggled with sluggish growth and high levels of unemployment. Britain had pursued an alternative route to membership of the European Economic Community (EEC), which it considered to be far too much of a political club, by creating the European Free Trade Association (EFTA) in 1960 with Austria, Denmark, Norway and Switzerland.

You are not authenticated to view the full text of this chapter or article.

Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.

Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.

Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.

Further information

or login to access all content.