Är konkurrens företag emellan viktig för ekonomisk tillväxt? Den saken undersöks i ett såväl historiskt som modernt perspektiv i studien ”British Relative Economic Decline Revisited”. Begreppet konkurrens förstås i vid mening och innefattar sådant som rätt att starta företag och gå in på existerande marknader (dvs. frånvaro av vissa typer av regleringar) och att staten avhåller sig från att konservera existerande industristrukturer genom stöd och industripolitik.

Forskaren beskriver några av slutsatserna i sin studie:

The results of the “Thatcher Experiment” in the 1980s make the case and paved the way for reversing relative economic decline. Competition was much strengthened by ongoing trade liberalisation, deregulation, and discontinuing 1970s’ industrial policy. As competition strengthened, there were major changes in industrial relations which were associated with organisational change, together with divestment and restructuring in large firms.

At the sectoral level, stronger competition and greater openness were correlated with improved productivity performance. As the age of information and communication technology came along, Britain was able to embrace the opportunities associated with rapid diffusion of the new technologies, which required big changes in working practices and management hierarchies, better than its continental-European peer group. This would not have happened with 1970s-style industrial relations and a heavily-regulated service sector.

Kan Thatchers inriktning mot reformer som ökade konkurrensen bero på hennes insikter om entreprenörskapets betydelse?