The «British Disease» - Factors of Economic Decline in Great Britain in the 1970s

The article provides a retrospective analysis of the causes and consequences of the economic crisis in the UK in the 1970s, in which the country has lost its competitive advantages in relation to other industrial countries of the West. It is argued that the main factors of «British disease» were not only external causes for the global crisis, stagflation and structural changes in the economic development, but primarily internal deficits - the low level of productivity, the shortcomings of the education system, disordered labour relations, mistakes in the economic policy of the post-war period and the archaic system of political and social institutions.