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Americans who have visited the U.K. may not recognize the portrait I’m painting. That’s probably because they’re familiar with London, not the country as a whole. As the economics writer Noah Smith notes, London’s financial prowess has concealed the overall economy’s weakness in innovation and manufacturing. Or, as the economic analyst Matt Klein puts it, “Take out Greater London—the prosperity of which depends to an uncomfortable degree on a willingness to provide services to oligarchs from the Middle East and the former Soviet Union—and the UK is one of the poorest countries in Western Europe.”</blockquote> | Americans who have visited the U.K. may not recognize the portrait I’m painting. That’s probably because they’re familiar with London, not the country as a whole. As the economics writer Noah Smith notes, London’s financial prowess has concealed the overall economy’s weakness in innovation and manufacturing. Or, as the economic analyst Matt Klein puts it, “Take out Greater London—the prosperity of which depends to an uncomfortable degree on a willingness to provide services to oligarchs from the Middle East and the former Soviet Union—and the UK is one of the poorest countries in Western Europe.”</blockquote> | ||
[https://www.theatlantic.com/newsletters/archive/2022/10/uk-economy-disaster-degrowth-brexit/671847/ Atlantic] | [https://www.theatlantic.com/newsletters/archive/2022/10/uk-economy-disaster-degrowth-brexit/671847/ Atlantic] | ||
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| + | [[Cowardice at Sundance]] | ||
Version vom 22. Dezember 2022, 23:49 Uhr
2022-12-22
In the past 30 years, the British economy chose finance over industry, Britain’s government chose austerity over investment, and British voters chose a closed and poorer economy over an open and richer one. The predictable results are falling wages and stunningly low productivity growth. Although British media worry about robots taking everybody’s jobs, the reality is closer to the opposite. “Between 2003 and 2018, the number of automatic-roller car washes (that is, robots washing your car) declined by 50 percent, while the number of hand car washes (that is, men with buckets) increased by 50 percent,” the economist commentator Duncan Weldon told me in an interview for my podcast, Plain English. “It’s more like the people are taking the robots’ jobs.”
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Americans who have visited the U.K. may not recognize the portrait I’m painting. That’s probably because they’re familiar with London, not the country as a whole. As the economics writer Noah Smith notes, London’s financial prowess has concealed the overall economy’s weakness in innovation and manufacturing. Or, as the economic analyst Matt Klein puts it, “Take out Greater London—the prosperity of which depends to an uncomfortable degree on a willingness to provide services to oligarchs from the Middle East and the former Soviet Union—and the UK is one of the poorest countries in Western Europe.”