Politics and Economic Policy in the UK Since 1964 (eBook)

The Jekyll and Hyde Years

Michael J. Stewart (Autor)

eBook Download: PDF

2017 | 1. Auflage
280 Seiten
Elsevier Science (Verlag)
978-1-4831-3656-1 (ISBN)

Infos

Politics and Economic Policy in the UK since 1964: The Jekyll and Hyde Years examines the economic policies that have been pursued by successive governments in Britain since 1964 and how such policies have been influenced by two sets of factors: politics and Keynesian demand management. The two basic failures of British economic policy since 1964 are highlighted, namely, the failure to establish a workable long-term incomes policy and the failure to achieve a high and stable rate of industrial investment. This book is comprised of seven chapters and begins with a background on the British economy until 1964, with emphasis on the economic problems faced by the country, including rising prices. The four basic objectives of economic policy to which both Labor and Conservative parties subscribe-full employment, a reasonably rapid growth rate, stable prices, and a satisfactory balance of payments-are discussed. The next chapter focuses on the Labor Party's 1964 Election Manifesto and how the economy fared from October 1964 to March 1966. Subsequent chapters evaluate the economic policies of the Labour government during the period April 1966-June 1970, including devaluation and incomes policy; economic policies adopted by the Conservative government from June 1970 to February 1974; and the country's economic situation since February 1974. The final chapter considers four factors-structural, technical, managerial, and political-that were responsible for much of what went wrong with the British economy since 1964. This monograph will be of interest to economists, political scientists, politicians, and economic policymakers.

Inhalt

Front Cover 1
Politics and Economic Policy in the UK since 1964 The Jekyll and Hyde Years 4
Copyright Page 5
Table of Contents 6
Preface 8
Chapter 1. INTRODUCTION 10
Chapter 2. THE EBB TIDE: Background to 1964 15
Economic problems 15
Party objectives 17
Manipulating demand 20
Labour after 1959 22
Election year 25
Chapter 3. GREAT EXPECTATIONS: October 1964-March 1966 30
Labour's hangups 32
The balance of payments 34
No devaluation 36
Alternative courses of action 39
Labour and the City's hangups 40
The Department of Economic Affairs 45
Incomes policy 46
The growth problem 51
Neddy and the National Plan 56
On the tightrope 60
Unhappiness in the unions and on the Left 63
Heath replaces Home 66
Manoeuvring towards the next election 68
'You know Labour government works' 71
Chapter 4. THE LIGHT THAT FAILED: April 1966-June 1970 73
Selective Employment Tax 74
The Seamen's Strike 77
The July measures 79
Reactions to the July measures 82
EEC: Second shot 85
The bumpy road to devaluation 88
Reactions to devaluation 92
Two years' hard slog 95
In place of In Place of Strife 100
Industrial policy 105
Regional policy 109
The distribution of income and wealth 111
The incomes policy and the wage explosion 114
The emergence of Selsdon Man 118
The 1970 general election 121
Chapter 5. PRIDE AND PREJUDICE: June 1970-February 1974 128
A new style of government 128
Museum charges 131
The Industrial Relations Act 133
The demon Barber 139
Some reflation 140
Lame ducks and roosting chickens 143
A lot more reflation 147
Doubts about fine tuning 152
Floating 159
EEC: third time lucky? 162
Inflation and the evanescent Phillips curve 166
The monetarist solution 168
Back to a statutory incomes policy 173
1973 — annus horribilis 178
The oil crisis 182
The second miners'strike 187
The inconclusive election 194
Chapter 6. DESPERATE REMEDIES: Since February 1974 197
The economic problem 198
New Cambridge 203
Another budget, another election 207
The disintegrating social contract 209
Thatcher replaces Heath 215
Getting through the referendum 218
Back to incomes policy 219
The new industrial strategy 223
Public affluence and private squalor? 230
Future uncertain 236
Chapter 7. SOME CONCLUDING REMARKS 242
Structural factors 243
Technical factors 245
Managemental factors 246
Political factors 250
Sources and references 257
Abbreviations 268
Statistical appendix 270
Index 272

Produkt-Details

• Erscheint lt. Verlag: 31.1.2017
• Sprache: englisch
• Themenwelt: Schulbuch / Wörterbuch ► Lexikon / Chroniken
• Themenwelt: Sozialwissenschaften ► Politik / Verwaltung
• Themenwelt: Wirtschaft ► Betriebswirtschaft / Management
• Themenwelt: Wirtschaft ► Volkswirtschaftslehre
• ISBN-10: 1-4831-3656-6 / 1483136566
• ISBN-13: 978-1-4831-3656-1 / 9781483136561