Politics and Economic Policy in the UK Since 1964. The by Michael J. Stewart

By Michael J. Stewart

Politics and financial coverage within the united kingdom seeing that 1964: The Jekyll and Hyde Years examines the commercial regulations which have been pursued via successive governments in Britain considering 1964 and the way such guidelines were stimulated through units of things: politics and Keynesian call for administration. the 2 uncomplicated disasters of British fiscal coverage on the grounds that 1964 are highlighted, particularly, the failure to set up a potential long term earning coverage and the failure to accomplish a excessive and solid expense of business funding.
This e-book is produced from seven chapters and starts off with a historical past at the British financial system until eventually 1964, with emphasis at the fiscal difficulties confronted through the rustic, together with emerging costs. The 4 uncomplicated ambitions of financial coverage to which either exertions and Conservative events subscribe—full employment, a pretty fast progress expense, solid costs, and a passable stability of payments—are mentioned. the subsequent bankruptcy specializes in the exertions Party's 1964 Election Manifesto and the way the economic system fared from October 1964 to March 1966. next chapters overview the commercial guidelines of the Labour executive throughout the interval April 1966-June 1970, together with devaluation and earning coverage; financial guidelines followed by means of the Conservative govt from June 1970 to February 1974; and the country's fiscal state of affairs for the reason that February 1974. the ultimate bankruptcy considers 4 factors—structural, technical, managerial, and political—that have been liable for a lot of what went fallacious with the British economic climate considering the fact that 1964.
This monograph should be of curiosity to economists, political scientists, politicians, and monetary policymakers.

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Extra info for Politics and Economic Policy in the UK Since 1964. The Jekyll and Hyde Years

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T o t h e U . S . 1 2 3 With the inevitable result, of course, that it was frequently discussed, generally under the codename 'the Unmentionable'. The economic advisers' memoranda are referred to at various points in Crossman, 1 9 7 5 , notably in the entries for 2 4 November 1 9 6 4 and 5 August 1965. According to Brandon, 1 9 6 6 , p. 28, Callaghan had assured the Americans in May 1 9 6 4 that a Labour government would not devalue sterling. Brandon's book — subtitled The Struggle for Sterling 1964—66 — conveys the flavour of the time very well, in that he talks of the defence of sterling in 1 9 6 4 as he might have talked of the defence of Britain in 1940.

T h i s w a s t h e k e y t o all L a b o u r ' s p l a n s : t h e 1 9 6 4 M a n i f e s t o m a d e n o sense w i t h o u t it. T o w a r d s t h e e n d of t h e d e c a d e , d o u b t s w o u l d increasingly b e ex1 HMG, 1965 (April). 43 Great Expectations pressed a b o u t t h e desirability of faster g r o w t h ; at best, it w a s t o b e claimed, e c o n o m i c g r o w t h h a d all sorts of adverse c o n s e q u e n c e s t h a t w e r e insufficiently r e c o g n i z e d , and at w o r s t it w o u l d lead t o an ecological c a t a s t r o p h e a n d a d e a d o r d y i n g p l a n e t .

In t h e e c o n o m i c t h e o r i e s of Karl M a r x , for e x a m p l e — w h i c h h a v e b e e n i m m e n s e l y influential in c o n d i t i o n i n g t h e w a y in w h i c h t w e n t i e t h - c e n t u r y socialists perceive t h e w o r l d — p r o f i t is called ' s u r p l u s v a l u e ' , a n d r e p r e s e n t s t h a t p a r t of t h e value of t h e w o r k e r s ' o u t p u t w h i c h is a p p r o p r i a t e d b y t h e capitalists. A n y wage increase r e s t o r e s s o m e of t h e s u r p l u s value t o t h e w o r k e r s a n d r e d u c e s t h e d e g r e e of capitalist e x p l o i t a t i o n .

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