Business Visits London Oxford U Warsaw Essay

Business Visits London Oxford U Warsaw Essay Business Visits London Oxford U Warsaw Essay London/Warsaw/Oxford University, July 2014 Please answer the following exam questions and submit your write-up through SafeAssign at Blackboard by July 20th. Question One (1): â€Å"Explaining the Decline of the British Economy,† McGraw’s three contrasting views Answer: Document 2 most closely aligns with the views of Yergin and Stanislaw in The Commanding Heights? First step for me was to break down the key tenets of all four documents briefly described in Table 1, which support my analysis written after the table. Table 1: Compares the key point made is each of the four documents cited: â€Å"Explaining the Decline of the British Economy† â€Å"Commanding Heights†, Yergin, Stanislaw Doc 1: Neoclassical, Sandberg, key points: Doc 2: Institutional Perspective, Elbaum, Lazonick, key points: Doc 3: Why has Britain â€Å"Failed†?, Dahrendorf Chapter 4, â€Å"The Mad Monk: Britain’s Market Revolution† Incompetence Decline in industrial competitiveness Homogeneity of Japan, Singapore Inflation from 7% to 24% Poor leadership Laggard Social ethics Tax rates exceedingly high irredentism Decline per capita income Political values Decentralized management Slow tech â€Å"British disease† â€Å"relegation zone† No national industry strategy Labor costs Neg. entrepreneurship GNP 16 competitor nations Labor unions: conflict, strikes, high wages Labor unions Complex global changes Empire’s sun setting â€Å"Maggie’s back in town†; confidence End of colonialism Too conservative Industry revolution moved on to GE, US Laggard initiative, enterprise, and entrepreneurship Comparative advantage (-) Atomistic – many reasons Still has niche qualifications Slowed demand, slow growth Foreign competition Nepotism, 3d gen aristocracy No EU marriage Torpid socialism, lethargy Resource paucity Poor accounting Talent emigrates Societal complacency Globalization begins No systems approach Brain drain Destructive downward spiral Wealth distribution Organization insufficient Aristocracy v. serfs Crises: war, fiscal, industrial World is changing Regional, vertical specialization Entitlement Controlled inflation with supply v. demand Inefficiency Products narrowly distributed Some mobility OK Oil crisis Mgt errors, mistakes Small staff, untrained family management Solidarity v. individualism Coal miner strikes Buyouts Inevitable global change; momentary confidence post-Falklands Not failure, but relative decline Statism, too conservative Scale, scope (-) Entrenched institutions No â€Å"rat race† Wealth sought for the nation, not individuals Emergent markets Robust invest. Banks in London Emulation v. origination Falklands temporarily restored confidence; incentivized for a few years Loss of entrepreneurship Firms used family  £ or SE Balance of payments skewed; overspent, overtaxed High corporate taxes Hierarchical oligopoly Keynesian full employment All facets centrally controlled â€Å"Nanny state† repudiation Corporate capitalism Free market v. monetarism Unions, labor, strikes Should have assaulted consensus thinking Euro-colonial ends, aging Insufficient long-term planning Complacency v. transformation Techs became second class Poor quality end products Irreversible historical forces Question One (1) (cont.): Britain’s decline can be explained objectively. However, in the aggregate, â€Å"British disease† was inevitable, and an irreversible sign of changing times in international commerce. Many global and domestic factors beyond Britain’s control included decrease in demand at home, unsophisticated capitalization and foreign investments, and inept management. From 1870 forward there was a burgeoning transition of wealth and power facing Britain leading up to both World Wars, when the US emerged as the global power. The decline in Britain can be compared in many ways to the demise of the Phoenicians, Greeks, Tripoli, the Dutch, and Ottomans to cite a few other historically temporal entrepot-trade and seafaring nations and city states. Each in time were eclipsed by