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This article provides a decomposition of the welfare impact on the UK arising from the changes in manufacturing trade consequent upon joining the EC. The methodology employed is that of computable general equilibrium (CGE) modelling, where the underlying model is based on trade under imperfect competition with firms producing under conditions of increasing returns to scale. CGE models can be seen as providing numerical illustrations of theory, or as empirical tools providing estimates of policies. A second aim of this article is then to asses the extent to which CGE models can be used as serious tools of policy analysis. We examine this by assessing the success of the model in replicating counterfactual outcomes. The results indicate (i) that the model does reasonably well in replicating complex reality and that such models can be empirically useful; (ii) that a substantial portion of the welfare impact is attributed to distortions associated with imperfect competition, and that the impact is potentially quite large. [ABSTRACT FROM AUTHOR]

The article presents an analysis of British politics in relation to Europe. It focuses on the British policy regarding the post-war construction in Europe, noting how domestic politics may affect Great Britain's international relations. Consequences of the country' political difficulty are enumerated, suggesting to investigate such consequences and to further consider how the question of Europe may be integrated into the British politics. The process of domestic politics is defined as well as offers a description of the business of politics and the structure of politics. Also provided are various impairments of the British political system including inadequacy, corruption, and disloyalty.

Focuses on the report of the Treasury and Civil Service Committee on the future of Great Britain in the European Monetary System (EMS). Restriction of the British membership to the EMS; Role of the EMS as an adjustable exchange rate system; Reason for the reappraisal of full British participation in the EMS.

Examines the assertions concerning the relationship between Great Britain and its European neighbors. Strains and dissensions in the western alliance; Development of a European political community and Atlantic partnership; Settlement of East-West problems; Integration of the Germans in the European community; Aims of the European defence community.

The article focuses on the talk in financial circles, following the moving of Brussels negotiations towards a climax, regarding the possibilities for world liquidity that would be opened if Great Britain will join the Common Market. It was said that Sterling can become the currency of Europe, and that a perfect marriage can be arranged between European Economic Community asset and the British liabilities. However, it was found that the said marriage was cancelled. Moreover, an overview of the new approaches toward multilateral solutions of sterling's problems is offered.