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Competition and innovation in 1950’s Britain

By Stephen Broadberry and Nicholas Crafts

Abstract

We find little support for the Schumpeterian hypothesis of a positive relationship between market power and innovation in 1950’s Britain even though many economists and policymakers accepted it at the time. Pricefixing agreements were very widespread prior to the 1956 Restrictive Practices Act and they seem to have had adverse effects on costs and productivity. Competition policy appears to have been much too lenient but the productivity problems of British industry at this time are best viewed as arising largely from the difficulties of reaping the benefits of innovation rather than from a failure to innovate per se

Topics: HC Economic History and Conditions, D839 Post-war History, 1945 on, DA Great Britain
Publisher: Department of Economic History, London School of Economics and Political Science
Year: 2000
OAI identifier: oai:eprints.lse.ac.uk:22381
Provided by: LSE Research Online
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