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Why did Britain's economic policy revolution in the 1960s achieve so little? Drawing on the latest political science theories of policy networks and policy learning, Hugh Pemberton outlines a new model of economic policy making and then uses it to interrogate recently-released government documents. In explaining both the radical shift in policy and its failure to achieve its full potential, this book has much to say about the problems of British governance throughout the whole of the postwar period.
Controlling inflation is among the most important objectives of economic policy. By maintaining price stability, policy makers are able to reduce uncertainty, improve price-monitoring mechanisms, and facilitate more efficient planning and allocation of resources, thereby raising productivity. This volume focuses on understanding the causes of the Great Inflation of the 1970s and ’80s, which saw rising inflation in many nations, and which propelled interest rates across the developing world into the double digits. In the decades since, the immediate cause of the period’s rise in inflation has been the subject of considerable debate. Among the areas of contention are the role of monetary policy in driving inflation and the implications this had both for policy design and for evaluating the performance of those who set the policy. Here, contributors map monetary policy from the 1960s to the present, shedding light on the ways in which the lessons of the Great Inflation were absorbed and applied to today’s global and increasingly complex economic environment.
This book was first published in 1981.
Harold Macmillan presided over the dissolution of the British Empire and the first stages of irreversible economic decline. It was an unlucky end to a political career which had seen Britain's steady extinction as a Great Power, and his reputation will depend on how posterity judges his understanding of these changes, and his skill in adapting himself and his country to meet them. This short but trenchant study of his aims, abilities and achievements concentrates on the premiership, against the background of his political education and rise to power.
In Managing the British Economy in the 1960s Sir Alec Cairncross, who was Economic Adviser to HMG in 1961-64 and Head of the newly-created Government Economic Service in 1964-69, tells the inside story of the making of economic policy under four Chancellors of the Exchequer between 1960 and 1970, first under a Conservative government then under a Labour government. He describes how the Treasury dealt with a whole succession of crises and experimented with many new departures of policy over the decade: for example, the efforts to engage in long-term planning, form a workable incomes policy, make use of new taxes for new purposes and enter the European Community. In parallel with the 1990s, the story is dominated by the effort to avoid devaluation followed by the struggle to make it work and keep the pound from sliding further.
The Bank of England and the Government Debt recounts the surprising history of the Bank of England's activities in the government securities market in the mid-twentieth century. The Bank's governor, Montagu Norman, had a decisive influence on government debt management policy until he retired in 1944, and established an auxiliary market in government securities outside the Stock Exchange during the Second World War. From the early 1950s, the Bank, concerned about inadequate market liquidity, became an increasingly active market-maker in government securities, rescuing the commercial market-makers in the Stock Exchange several times. The Bank's market-making activities often conflicted with its monetary policy objectives, and in 1971, it curtailed them substantially, while avoiding the damaging effects on liquidity in the government securities market that it had feared. Drawing heavily on archival research, William A. Allen sheds light on little-known aspects of central banking and monetary policy.
This book is concerned with developments in three main areas of monetary history: domestic commercial banking; monetary policy; and the UK's international financial position. For ease of analysis the 160 years under study are arranged into three clear chronological divisons. Part 1 covers the years 1826-1913, a period in which the UK emerged as the world's leading economic power. Part 2 covers 1914 to 1939 - the years which marked a break in the traditional monetary arrangements of the Victorian and Edwardian eras. Part 3 covers 1939-1986 when the dominance of state influence within the domestic money markets was re-established by the Second World War and the acceptance by the authorities of the obligation to 'manage' the economy which meant that successive postwar governments took direct responsibility for the conduct of monetary and credit policy.
For most of the twentieth century, the Conservative Party engaged in an ongoing struggle to curb the power of the trade unions, culminating in the radical legislation of the Thatcher governments. Yet, as this book shows, for a brief period between the end of the Second World War and the election of Harold Wilson's Labour government in 1964, the Conservative Party adopted a remarkably constructive and conciliatory approach to the trade unions, dubbed 'voluntarism'. During this time the party leadership made strenuous efforts to avoid, as far as was politically possible, confrontation with, or legislation against, the trade unions, even when this incurred the wrath of some Conservative backbenchers and the Party's mass membership. In explaining why the Conservative leadership sought to avoid conflict with the trade unions, this study considers the economic circumstances of the period in question, the political environment, electoral considerations, the perspective adopted by the Conservative leadership in comprehending industrial relations and explaining conflict in the workplace, and the personalities of both the Conservative leadership and the key figures in the trade unions. Making extensive use of primary and archival sources it explains why the 1945-64 period was unique in the Conservative Party's approach to Britain's trade unions. By 1964, though, even hitherto Conservative defenders of voluntarism were acknowledging that some form of official inquiry into the conduct and operation of trade British unionism, as a prelude to legislation, was necessary, thereby signifying that the heyday of 'voluntarism' and cordial relations between senior Conservatives and the trade unions was coming to an end.
The impetus for the conference that was the basis for this volume emanated from the influence of two brilliant minds-Egon Sohmen and Adam Klug, who both died at an early age, leaving their families and the professions of economics and economic history with major voids. In the course of research on the origins of Open Economy Macroeconomics, the significant contributions of Egon Sohmen came to the fore. After correspondence with some of those involved in the early development of the Open Economy Macromodel, we turned to Adam Klug for his views on the matter-as he had dealt with the history of intertemporal trade models in his Ph. D. thesis. And it was Adam who suggested the idea of a conference bringing together economists and economic historians. At this point we want to acknowledge the very generous grant from the Egon Sohmen Foundation and the active participation of Dr. Helmut Sohmen and Mrs. Renee Sohmen at the conference. We also want to thank Prof. Sir Aaron Klug, Nobel Laureate, and the Klug family for their support and the financial contribution of the Adam Klug Memorial Lecture Fund at Ben Gurion University. Other institutions that contributed to the conference were the Gianni Foundation; Bank of Israel; University of North Carolina; Department of Economics, Faculty of Social Science and Aharon Meir Center for Banking, Bar Ilan University; Department of Economics and Faculty of Social Science, Ben-Gurion University of the Negev.