Changes in the UK During the 1970's Essay

Changes in the UK During the 1970's Essay

Length: 1040 words (3 double-spaced pages)

Rating: Strong Essays

Open Document

Essay Preview

The 1970’s was a turbulent period for the UK. High levels of inflation, an increase in oil prices due to conflict with the Middle East, and failing nationalized industries was crippling the once world power (Smith, 2010). The Labour party’s reign in parliament ended with the election of the Conservative party in 1979. Margaret Thatcher was elected as prime minister and a significant shift in economic policy was soon to follow. I initially decided to choose the time period between the late 1970’s to the mid 1980’s because of the significant increases in financial flows, shift in trade patterns and the changes in the GDP growth rate. The data provided allowed for foundation for policy change speculation. Once I narrowed down data which seemed to make the most significant changes, I was then able to research why these changes may have taken place.
During this time the North Sea Oil Company was banking large revenues from the high oil prices. North Sea Oil Company developed 18 new oil fields between 1967 and 1974, and by the year 1984, “the UK was producing 2.65 million barrels (of oil) per day, making the UK the world’s fifth-largest oil producer” (Money Week, 2005). Our data provided in class shows the UK increased the percentage of fuel as an export from 6% in 1978 to 10% in 1979, and did so after until it reached 22% of all exports in 1983. Fuel remained a large percentage of exports until the late 1980’s. Subsequently, fuel as a percentage of imports fell off from a high point of 18% in the late 70’s to a low 11% in 1983; virtually making the UK energy self sufficient. The policy changes surrounding the windfall of oil revenues pushed the UK out of economic trouble.
In October of 1979 the UK lifted exchange controls which all...

... middle of paper ...

...on and abolition of exchange controls allowed UK to spend large amounts of finance on foreign assets, further developing one of the world’s largest financial institutions. Two, in addition to outward flows of investment, inward flows emerged creating a slight current account deficit, and thus balancing the current accounts. Finally, and most important the rising oil costs and following political moves created the right conditions for a successful implementation of the Conservative Party’s austere economy. The beginning of the period inflation was at 14% and by the end of the period (1984) inflation had a rate of 5%, and continued to decrease into the next decade. Across all data, the health of the country continued to rise out of this period; GDP growth rate, trade in the current account and investments in the financial account all continues to rise to present day.

Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

Essay about Changes in the Roles of Women

- The roles of women changed drastically between 1950’s and 1970’s due to the political, economic, and social issues, but women’s lives also stayed close to the way they had always been. The lives of women changed in a plethora of ways throughout the years. “We believe that women can achieve such equality only by accepting to full the challenges and responsibilities they share with all other people in our society, as part of the decision-making mainstream of American political, economic, and social life” (Statement of Purpose, 1966)....   [tags: 1960's, 1970's]

Strong Essays
975 words (2.8 pages)

Essay about The United States During the 1970´s

- War, corruption, scandal, sounds like the theme for a movie. Actually it describes the atmosphere of our country during the 1970’s. The decade of the 1970’s was a decade filled with political, social, and environmental issues that have had a lasting impact on America today. Some of the issues that affected our country in the first half of the 1970’s carried over from the decade before. One of the first notable events was the Kent State massacre. The year was 1970 and President Richard Nixon stated in a television speech that the United States had invaded Cambodia....   [tags: politics, watergate, corruption]

Strong Essays
1240 words (3.5 pages)

Struggles in America During the 1970's Essay

- America has a special role in the world that is philosophically and morally grounded in the principles of human liberty and its logic of liberty. In the 1970s, America had a dreadful, disturbing and terrible time as it had retreats on almost all fronts and were held hostages for some time. There was the Vietnam War and the economic crisis including inflation, high taxes, oil shortage and the lives of Americans was not good as children never attended schools leading to high criminal activities on the streets....   [tags: economy, politics, taxes]

Free Essays
514 words (1.5 pages)

Essay about The 1970's A Time of Awareness

- The 1970’s was an era of political, environmental, and technological awareness. This era provided the American people with information and inventions that would positively shape the future of the United States. Awareness brings about optimistic thinking and change. This is exactly what happened in the 1970’s. Political awareness brought about accountability for the government and politicians. Environmental awareness brought about consumer and governmental accountability in energy usage. Inventions in the 1970’s were the platform for technology age that Americans currently rely on daily....   [tags: Watergate scandal, accountability of politicians]

Strong Essays
897 words (2.6 pages)

Essay about Economic Changes During The Era Of The Keynesian Golden Age

- Economic Changes The era of the Keynesian Golden Age is marked by the stable economic growth from 1946 to 1973. After World War II, many people expected the economy to witness periods of high inflation but this did not occur until after 1970. Keynes’s, “General Theory”, is a demand side approach to under consumption. He advocated that government spending could be used to stimulate spending. His theory of countercyclical fiscal and monetary policy suggests that an economy should run a deficit during a recession by increasing the money supply and run a surplus and contract the money supply during periods of inflation (Notes)....   [tags: Monetary policy, Inflation, Unemployment]

Strong Essays
1114 words (3.2 pages)

The Rise & Fall of the Japanese Semiconductor Industry, 1970 – 2000 Essay

- The Rise & Fall of the Japanese Semiconductor Industry, 1970 – 2000 Summary: The semiconductor was the created with the innovation of transistor by Bell Corporation. The industry was driven by the of great US electronic giants such as general Electronic, Texas Instruments and others. These US giants conquered most of the world market sharers. However in the ever-changing world economy the market always moves here to there. Nothing was different in the case of semiconductor industry. With the span of time US gradually lost control of the semiconductor market shares and Japan captured the industry....   [tags: Business Management Studies]

Strong Essays
2017 words (5.8 pages)

The Many Changes of Fashion Essay

- What is Fashion. Fashion is a general term used to describe a style of clothing or practice used by people around the world. Fashion refers to anything that is a trend. Self-presentation is the most direct noticeable marker of fashion. Throughout history we have seen many changes in clothing, from the color, to the material used to make it. We have also seen the style in which clothing is made change drastically. Fashion communicates meanings that have individual and social significance. Society, cultures, gender and even political authority have impacted fashion over the years....   [tags: Fashion ]

Strong Essays
1555 words (4.4 pages)

Essay on British Women's Gain of Independece in 1960's and 1970's

- British Women's Gain of Independece in 1960's and 1970's At the end of the 1950's women still had many disadvantages to men in almost all areas of life, and they were not equal. The man was still seen as the main earner for the family. Although after the Second World War progress had been made in employment and women were able to get jobs, they were very much secondary to men. At the beginning of the 1960's there was a huge boom in popular culture which was accounted for by the huge amount of young people as a product of the 'baby boom'....   [tags: Papers]

Strong Essays
1128 words (3.2 pages)

Essay about Industrial America from the American Steel Industry to the Early 1970's

- Industrial America from the American Steel Industry to the Early 1970's The steel industry has been profoundly important to the development of USA by its value of output, input to the American manufacturing industries and in terms of the extent of its employment in the past. It’s been important because of its political clout of its corporations and finally it’s been important for strategic reasons. Background to the American Steel Industry The industry dates from mid 19th century when it grew out of the iron industry....   [tags: Papers]

Strong Essays
1649 words (4.7 pages)

Essay Changes in Women and Marriage

- Changes in Women and Marriage- Changes in Women and Marriage- Abstract This paper presents an in-depth discussion about the changing relationship between women and marriage. Economic factors, a rise in feminism, parents’ influence, attitudes about sex, educational pursuits, and divorce statistics are discussed and their influence on women’s attitudes toward marriage are explored. Cultural changes that have impacted women’s lives are also examined. The purpose of the paper is to explore the changes affecting women, their attitudes toward marriage, and their expectations of marriage....   [tags: essays research papers]

Strong Essays
3293 words (9.4 pages)