Many if not most economic analyses of Britain’s economic difficulties suggest that slow growth is at the heart of the problem-and an acceleration of growth the obvious cure. Past experience in Britain and in the Third World casts doubts on this. Except for the last three or four years, per capita growth rates in Britain since the war have been almost as fast or faster than at any time since the start of the industrial revolution. In terms of unemployment, income distribution and export-import balance Britain’s post-war performance has also been better than for most of the last century.
