Maybe Thatcher didn’t physically close down manufacturing, but she was certainly behind the switch from a producing economy to a banking economy, she advocated buying in the cheapest option from wherever, with no concern for the results of that. Yet we know that buying in the cheapest option may well save short term, but will definitely cost long term,
That’s the nature of Free Market Economics I’m afraid, which our country has advocated long before Thatcher was even born. She recognized that we could no longer rely on manufacturing as a nation, as we were becoming uncompetitive. She was a visionary, and as sad as I am about the decline of manufacturing here, she was largely right.
Efficiency and productivity are keys in much of manufacturing, sadly for too many employers this translates as sack a few workers, cut wages and expect the same or more output, yet I have seen, in fact was part of the transformation of one company in a particular industry, investment and training, improvements in equipment and working practises, co-operation between management and unions, result massive increase in both quality and productivity, increases in numbers of shop floor workers and earnings, amazingly during the 9 years I worked there (late 60s early 70s) not one hour lost to industrial action, can’t imagine why.
That is an exceptional company. All too often, wages are seen as something that are static, or can even be driven down. On the other hand, Unions are all too often too greedy with their demands. A company where there is harmony between the two is a rare thing indeed. These days, there are often unrealistic wage expectations for basic jobs.
Minimum wage should be a living wage, but that would also entail very harsh migration controls, as otherwise you’re dangling a large carrot for immigrant workers and criminals.
In many ways, immigration is what is preventing our prosperity.
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