The argument that the UK suddenly realised that it needed to join the Common Market in the 1960’s after rubbishing it in the 1950’s , because of relative economic decline, has always struck me as strange. After all this is when Harold Macmillan said most people in the UK had never had it so good.
Looking at the figures it is certainly true that the growth rates for France, Germany, Italy and many of the rest were far better than the UK’s. But most of that was down to rebuilding after the war and an industrial revolution that Britain had gone through decades earlier, moving workers from agriculture to industry for example. Also the Common Market was only created in 1957, the UK first applied to join in 1961; 4 years is in economic terms a very quick Damascene Conversion.
It seems to me that far more important was the realisation that as the Empire disappeared, so did the UK’s influence and power in the world, and the fact that the USA liked a united Europe. The UK was therefore facing relative political and diplomatic decline, as well as economic staleness. The Common Market helped all three.
All those factors still seem to exist, (although very rapid economic growth is now limited to former Eastern block countries). How will the UK deal with them now?
https://jonty.substack.com/
You've never had it so good
If you have a bit of time to spare, listening to Andrew Shonfield's Reith Lectures from 1972 is fascinating. He was a member of the team negotiating our entry into the Common Market and his account of the way the European Partners were working together (or not) in the sixties is vivid and his assessment of the issues the UK would have to face is fascinating and very instructive. We know - as he didn't - what really did happen after we joined. I didn't know, for example, that the appetite for federalism was already so well developed.
The level of growth for the EU for the last 60 years has been modest as my pension investment growth has demonstrated. The bulk of my pension growth came from UK Equities and US investment. I didn't have the courage to put money in the Far East as it was high risk, high reward. Those that did invest in Asia were rewarded well.
The future depends on what happens next after the pandemic. At the moment China appears to be spoiling for a fight with anyone who disagrees with their ambitions and opinions. Europe sits on the edge of a superstate or a step back from that.
As members of the EU the UK faced political & economic decline, economic staleness thanks to France and Germanys growth ambitions. The CPTPP will hopefully help the UK with growth after our EU camp escape. We have the ability for rapid growth let's see how we do outside the bullies camp. Maybe the level of protection by the bullies was underappreciated? Those of us who will alway stand up to bullies were always outside the EU camp and so to be free physically is a wonderful feeling as much it frightens the more timid who prefer the more familiar servitude to the EU.