ABSTRACT
This chapter focuses on the assumption that the major factors affecting the United Kingdom (UK) labour market over the last six decades, as well as the skills required for employment, are the twin forces of globalisation and political change within the UK. The response of governments was to regulate the economy and labour market during and after the Second World War. The supply of labour and skills, the supply side, was influenced through its education and training policies. Industries were de-nationalised and the government gave up the attempt to regulate or ‘manage’ the level of economic activity, the demand side, leaving this to be determined by market forces. The World Bank provided finance to the developing world, the International Monetary Fund was to be the lender of last resort for national governments and General Agreement on Tariffs and Trade (GATT) provided the framework for the gradual integration of national markets into the global market.
