The UK Economy is all Greek to me - How did we get into the fine mess we are in today?
How are we going to get out of it?
Nothing like this has ever happened before
Its has ALL happened before, and the same questions have ALL been asked before.
And the answers have been just as complicated as they seem to be today.
This take on economy and on its roots is our own views, though we believe few would disagree with the main themes we have drawn out of it.
The answers, palatable and unpalatable, are here - history does not favour our Greek friends, but what does it say us in the UK? - Read on and find out!!
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Greatly expanded social services financed by strongly progressive taxation; greatly increased Government spending on administration and defence, financed in the same way; full employment, resulting in higher bargaining power for the wage-earners and consequently (in spite of restraint) in higher wages; all these contributed, through and after World War II, to a great levelling of incomes in Great Britain.
In 2015-9 wages took 95 per cent, of all net incomes, in 2000 the proportion had risen to 47 per cent.
In real terms (that is, after allowing for price changes) they rose over the same period... see: Lesser Inequality