Re: [Salon] How "Broken Britain" might reconverge

I think Americans need to follow what is happening in UK since these 2 countries drank the 'hemlock' of financialization. Basically it has led to the dismantling of the British public and private sector.  For a time in UK  it was masked by the oil boom. (Take note fracking boosters in US)

https://www.thenational.scot/news/23350857.scotlands-oil-funded-margaret-thatchers-transformation-britain/
Scotland's oil funded Margaret Thatcher's transformation of Britain

UK was weakened by WWI and WW II, its manufacturing gave up its ghost, with a boost from Thatcher, and then she ushered in age of financialization. 

It is quite shocking that 55% of UK companies are now foreign owned (see Adam Tooze  Chartbook 252).

I think the demographic change underway may have the same effect as the 2 World Wars did to UK. For a time UK was carried by EU membership-there was a reason why Thatcher joined EU which her successors forgot! 

Finmacialization indermines and dismantles. It has done that in UK and is doing that in US. For a time that was maked by the oil boom. Liekly same in fracking boom doing the same in US. 

On Friday, December 8, 2023 at 02:50:13 AM GMT+5, Mayraj Fahim via Salon <salon@listserve.com> wrote:


Also, cost of housing very high in London and SE. 
London remains UK's most expensive region even as house prices fall
As UK housing costs soar, anxiety grips homeowners and renters: ‘I’m in meltdown’

 Infact convergence has ended also in US because of this:
The real driver of regional inequality in America
People can no longer afford to move to opportunity.

I think UK economy very like that of NY State. There is wealth around fin center (London/NTC) and depression  outside it.

On Friday, December 8, 2023 at 02:43:02 AM GMT+5, Mayraj Fahim <fmayraj@yahoo.com> wrote:


After fin crisis UK imposed austerity on and worst was imposed on areas outside London.

UK local governments also rely on central govt funding which was halved!
The Strange Death of Municipal England
The death of local government
Westminster has been systematically stripping councils of power, funding and stature for decades. As a result, our local politics is among the most enfeebled in Europe.

"Local authority spending has fallen nationally by half since 2010, with areas such as Liverpool, Blackburn and Barnsley facing average cuts twice that of their counterparts in the more affluent south, according to the thinktank."
Deprived northern regions worst hit by UK austerity, study finds
Poorest areas bearing brunt of council spending cuts, according to thinktank analysis


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