General economic defeatism in this, and similar discussions, is staggering. Historically, many countries were suffering from various forms of economic malaise and managed to pull trough. Countries that lacked almost any form of industry have become powerhouses. South Korea is a good example. The previous century hasn't been kind to Korea in general. By the 50s, the southern part of peninsula was generally less indust…
You give two examples of countries that managed to save themselves but there’s far more historical examples of empires that faded and disappeared entirely, or more modern examples of countries in perpetual (so far) decline and failure. No, stories of turning around failing countries are not in fact abundant. There is no reason to believe the UK will be a success story and lots of reasons to believe its time has come…
In the 1970s, the UK was dubbed the “sick man of Europe,” reliant on IMF support and wracked by strikes, but it entered a multi-decade period of renewed growth and influence before Brexit and the COVID-19 crisis.
The US in the 1970s seemed finished: stagflation, oil shocks, industrial decay, humiliation in Vietnam, a hostage crisis, and a sense of lost purpose. Paul Kennedy, Robert Gilpin, Lester Thurow, etc., all wrote about the “limits of growth” and “imperial overstretch,” yet it rebounded to global dominance by the 1990s. The 1970s “decline” narrative didn’t age well.
Japan in the 1990s was declared “done” after its asset bubble burst, and the “lost cause” or “lost decade” became a cliché. Yet it remains the world’s third-largest economy, a technological leader, and a model of social stability, public safety, and industrial competence. It has declined maybe in relative GDP growth terms, but in living standards and quality of life, Japan has done remarkably well.
Britain still has world-class higher education and research sectors, a strong legal system and institutional stability, cultural and linguistic global reach well beyond its economic means, deep financial markets, and fantastic renewable energy potential. The current doomism, I believe, all comes from public overexposure to tabloid news, which permeates every part of our lives through social media. Scare-mongering has always been the most profitable form of journalism, and articles about the UK's decline make addictive reading for much of the populace.
Nobody seems to want to read articles about how the UK produces roughly 15% of the world’s most highly cited research with less than 1% of the world’s population, or how it’s the global leader in genomics, vaccine development, and life sciences (the Oxford/AstraZeneca COVID vaccine was one of the fastest developed in history), or how it is Europe’s AI hub, home to DeepMind (Google), Stability AI, and dozens of AI startups, with London often ranked second globally after Silicon Valley for AI investment. They tend to write very little on how it builds about 40% of the world’s small satellites, or the fact that it’s a world leader in offshore wind generation capacity - #2 globally after China - or that it has cut emissions faster than any G7 country since 1990 while maintaining GDP growth. There’s very little commentary on the success of the creative industries (film, TV, music, design, advertising), and how they’re a £100+ billion sector and among the fastest-growing parts of the economy, or how the UK is Europe’s largest video game exporter, with studios like Rockstar North (GTA), Creative Assembly, and Frontier.
There are endless positive growth stories happening in the UK, but unfortunately, while we’re still leaders in many things, we also pioneered (in partnership with Australia and New Zealand) toilet-paper journalism in the likes of The Daily Mail and later The Sun, which started the mass-market, sensationalist, personality-driven style of journalism that became the global tabloid model. It invented the genre as we know it today, still dominates it, and exported its techniques globally (blame the UK and Rupert Murdoch for the success of Fox News).
Radical optimism is quite difficult as a British person, as dour cynicism is our culture’s resting state, but I don’t see the signs of a failing empire personally.