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22 J. Common Mkt. Stud. 1 (1983-1984)

handle is hein.journals/jcmks22 and id is 1 raw text is: Journal of Common Market Studies Volume XXII, No. 1 September 1983 0021-9886 $3.00 A Trade Strategy for the United Kingdom1 A. P. THIRLWALL Professor of Applied Economics, University of Kent at Canterbuiy Introduction Despite lip-service paid to the importance of trade for economic growth, and growing recognition that long run growth is fundamentally con- strained by the balance of payments, there has never been any attempt in the United Kingdom to develop a positive, coherent trade strategy. Laissez-faire, laissez-passer has been very much the order of the day. The result has been the slowest growth of export volume amongst developed countries since 1950; massive import penetration in some sectors, and a growing and dangerous imbalance of trade in manufactured goods, all of which have contributed to the slowest rate of growth of any western country since 1950, and the most advanced state of deindustrialization (see (8)). In contrast to the N.I.C.s (the newly industrializing countries) and other developed countries, many of which have pursued an aggressive export-led growth strategy, the U.K. has become a prime D.I.C. (a deca- dent industrialized country)! None of the major political parties has addressed themselves in any detail to the promotion of an outward-looking trade strategy. In its election manifesto, the Labour Party promised negotiations with large companies to influence their purchasing and development policies with the aim of preventing excessive import penetration and the promotion of exports, but it did not spell out the means. With the intention of withdrawing from Europe, however, and the threat of import controls, using tariffs and quotas, if these proved necessary to achieve the objective of trade balance, the emphasis would clearly have been on the control of imports rather than the promo- tion of exports. The Conservative manifesto says very little on the relation between trade and economic performance and virtually nothing on trade This is the revised text of a lecture given at the UACES Annual Conference, York University, January 5-7, 1983.

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