Forty turbulent years: How the Fraser Economic Commentary recorded the evolution of the modern Scottish economy: Part 3: The 'Nice' decade turns nasty; banking armageddon; and the politics of austerity, 2001 – 2015

The recent economic history of Scotland, its performance and place within the UK and international economy can be traced through the pages of the Fraser of Allander Economic Commentary. Created in 1975 by a private bequest from Sir Hugh Fraser, a prominent Scottish businessman, the Fraser of Allander Institute has provided a continuous commentary on the economic and related policy issues facing Scotland over the period. In this the fortieth anniversary of the Fraser of Allander Institute, this is the last of three articles which chart Scotland’s transformation from an economy significantly based on manufacturing (and mining) to one that saw rapid deindustrialisation (in terms of employment, less so output), the discovery of oil and the rapid transformation of its business base with the impact of both merger and acquisition (M&A) activity as well as the varied impacts of successive governments’ industrial and regional policies.