Friday, December 12, 2008

Woolworth connections

The 1944 Education Act brought new opportunities to go to Grammar School & into higher education – at least for those of us who were lucky enough to pass the eleven-plus

The education was free but there was still a burden of support on parents – especially the father, who was the sole legal guardian in those days. So if your father said he was not prepared, or unable to support you beyond the age of 16, that was that

I had two close friends this happened to. Their fathers did not believe in educating a girl who was only going to get married anyway

These fathers would not have been thought of as unacceptably harsh. The question of whether it was worthwhile investing precious resources in the education of girls was still a subject for an economics seminar when I was an undergraduate. (Another question for the same seminar was: Why is Marilyn Monroe paid so much?)

And then there was still the worry that being a bluestocking could actually bring down your value in the marriage market

Even in these days of student loans an economist will tell you that the greatest element of the cost of higher education is that of earnings foregone



I was lucky in that there was never any question that my parents would support me in whatever I wanted to do. But neither do I remember ever having any doubt that I should also contribute to my upkeep in any way I could. Hence my job in Woolworths, among other things


So Woolworth played its part in my education, both financially & in the things I learned about work

And now there are some unexpected consequences of the company’s downfall. The damage spreads in unexpected directions

Ownership of the stores is spread around among a large number of freeholders, some of them pension funds

Time Warner’s revenues will be hit

The massive sell-off of stock affects all other retailers struggling to compete – the ripples spread all the way up to Harrods, who held their own half price sale day

And I am just so thankful that a job in Woolworths was just a very helpful stepping stone for me, unlike for those who today know that they will not be paid beyond Christmas



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