National Economic Development Council

National Economic Development Council

A former forum that brought together members of the British government, unions, and business interests to make recommendations for the government to promote economic growth. It was based on the corporatist idea that discussion between classes encouraged the best result for all. It was created in 1962 and was abolished in 1992.

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National Economic Development Council (NEDC)

an organization that operated in the UK from 1962 to 1992 whose objective was to improve the country's poor economic performance compared to other advanced industrial countries. NEDC was created as a form of economic-planning agency, bringing together the government and both sides of industry, management and the trade unions, with a general remit to identify obstacles to the attainment of improved efficiency and growth and to formulate appropriate means of overcoming them. At the ‘grass-roots’ level, NEDC was represented by various subcommittees (Economic Development Committees), each covering a particular industrial sector, with the main NEDC body playing a supportive and coordinating role. See also INDICATIVE PLANNING, NATIONAL PLAN.

Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005