This chapter does not address itself to the question of whether Britain should or should not be a member of the EEC. It does not attempt an overall evaluation of membership since it ignores arguments relating to political, foreign policy, defence, and other non-economic issues. Furthermore, after only five or six years of membership, little can usefully be said about the economic effects of United Kingdom (UK) membership in the very long run. The long-run outcome will depend on a host of things which cannot be foreseen including the economic policies which will be followed by both the EEC and future British governments. The limited objective here is to examine some economic evidence with a view to estimating the more important economic effects on Britain of membership of the EEC so far.
KeywordsTrade Flow Unit Labour Cost Import Penetration Residual Trend Weak Member
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