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Over Britain’s first century of mass democracy, politics has lurched from crisis to crisis. How does this history of political agony illuminate our current age of upheaval? To find out, journalist Phil Tinline takes us back to two past eras when the ruling consensus broke down, and the future filled with ominous possibilities – until, finally, a new settlement was born. How did the Great Depression’s spectres of fascism, bombing and mass unemployment force politicians to think the unthinkable, and pave the way to post-war Britain? How was Thatcher’s road to victory made possible by a decade of nightmares: of hyperinflation, military coups and communist dictatorship? And why, since the Crash in 2008, have new political threats and divisions forced us to change course once again? Tinline brings to life those times, past and present, when the great compromise holding democracy together has come apart; when the political class has been forced to make a choice of nightmares. This lively, original account of panic and chaos reveals how apparent catastrophes can clear the path to a new era. The Death of Consensus will make you see British democracy differently.
Here, leading scholars-including Hodgson himself-confront the longstanding theory that a liberal consensus shaped the United States after World War II. The essays draw on fresh research to examine how the consensus related to key policy areas, how it was viewed by different factions and groups, what its limitations were, and why it fell apart in the late 1960s.
The 1976 IMF crisis was a seminal event in modern British political and economic history. The seeds of the crisis were sown by the huge OPEC oil price shocks of 1972-3 leading to the potential meltdown of Britain's already weakened economy and seemingly confirming Britain's headlong decline as a major political and economic power. The government was seen as going 'cap in hand' to the International Monetary Fund (IMF) to head off disaster - an image which became a long-lasting political icon. Kevin Hickson has mined vital original source material, including interviews with leading players, to probe government economic thought and practice. He questions much received wisdom, especially that the crisis caused a basic shift to monetarist orthodoxy and right-wing economic liberalism - commonly known as 'Thatcherism' - and embraced by successive governments including New Labour.
In this authoritative and gripping book--the first full account of the 1976 International Monetary Fund crisis--Kathleen Burk and Alec Cairncross peel back the surface of the most searing economic crisis of postwar Britain to reveal its historical roots and contemporary context. During the spring of 1976, the plummeting value of the British pound against the U.S. dollar triggered a traumatic economic and political crisis. International confidence in the pound collapsed; an article in the Wall Street Journal, headlined "Good-bye, Great Britain," urged investors to get out of sterling. Refused aid by the London and New York markets, the Labour Government under Prime Minister James Callaghan was forced to turn for help to the IMF--a highly unusual move for a developed Western economy. Fearing that the economic crisis would drive Britain into a left-wing siege economy which would endanger NATO and the EEC, the United States and Germany used the IMF loan as a means to force Britain to make major domestic policy changes; when the IMF mission arrived in London in November 1976, it was announced that the price for the loan included deep cuts in domestic spending. Burk and Cairncross uncover the maneuvers of the Labour Government to evade IMF conditions. They also examine underlying economic factors, the political agenda, the rise of monetarist ideas, and the Keynesian response. Juxtaposing narrative with analysis, they provide surprising answers to critical questions and reveal how the breakdown of the post-war consensus on the macroeconomic management paved the way for the triumph of Thatcherism.
Capitalism has become 'financialized'. Since the 1970s, the swelling of financial markets and asset price bubbles has occurred alongside weaker underlying economic growth. Yet financialization was not a spontaneous market development - it was deeply political. States fuelled this process through policies of financial liberalization, and the British state lies at the heart of the story. Britain's radical financial liberalizations in the 1970s and 1980s were instrumental in creating a financialized global economic order in which the City of London emerged as a central hub. But why did the British state propel financialization? The conventional wisdom points to the lobbying power of financial elites and the strength of neoliberal ideology. However, Governing Financialization offers an alternative explanation through an in-depth exploration of declassified state archives. By examining key financial liberalizations in the 1970s and 1980s - including the notorious 'Big Bang' - this book argues that these policies were not part of an intentional scheme to create a new finance-led economic model. Instead, they were designed to address immediate governing dilemmas related to the grinding 'stagflation' crisis and its aftershocks. In this era, British governments found themselves trapped between global competitive pressures to enforce painful domestic adjustment and national political pressures to maintain existing living standards. Financial liberalization was pursued in a trial-and-error manner to navigate this dilemma. By unleashing financial markets, the state hoped to either postpone the worst effects of the crisis, or enact tough economic restructuring in an arm's-length fashion. Financialization was an accidental outcome, not an intentional result.
Liberal left orthodoxy holds that Brexit is a disastrous coup, orchestrated by the hard right and fuelled by xenophobia, which will break up the Union and turn what’s left of Britain into a neoliberal dystopia. Richard Tuck’s ongoing commentary on the Brexit crisis demolishes this narrative. He argues that by opposing Brexit and throwing its lot in with a liberal constitutional order tailor-made for the interests of global capitalists, the Left has made a major error. It has tied itself into a framework designed to frustrate its own radical policies. Brexit therefore actually represents a golden opportunity for socialists to implement the kind of economic agenda they have long since advocated. Sadly, however, many of them have lost faith in the kind of popular revolution that the majoritarian British constitution is peculiarly well-placed to deliver and have succumbed instead to defeatism and the cultural politics of virtue-signalling. Another approach is, however, still possible. Combining brilliant contemporary political insights with a profound grasp of the ironies of modern history, this book is essential for anyone who wants a clear-sighted assessment of the momentous underlying issues brought to the surface by Brexit.
This groundbreaking collection of essays challenges the notion that early postwar Britain was characterised by a consensus between the major political parties arising out of the experiences of the wartime coalition government. The volume collects for the first time the views of the revisionist historians who argue that fundamental differences between and within the parties continued to characterise British politics after 1945. Covering topics as diverse as industrial relations and decolonisation, the volume provides a welcome contrast to orthodox interpretations of contemporary Britain.
Examines the development of contemporary British politics and society and analyzes the threat of collectivism to the stability of its system of government
This book examines youth cultural responses to the political, economic and socio-cultural changes that affected Britain in the aftermath of the Second World War. In particular, it considers the extent to which elements of youth culture and popular music served to contest the notion of ‘consensus’ that historians and social commentators have suggested served to frame British polity from the late 1940s into the 1970s. The collection argues that aspects of youth culture appear to have revealed notable fault-lines in and across British society and provided alternative perspectives and reactions to the presumptions of mainstream political and cultural opinion in the period. This, perhaps, was most acute in the period leading up to and after the seemingly pivotal moment of Margaret Thatcher’s election to prime minister in 1979. This book was originally published as a special issue of Contemporary British History.
This book is intended as a guide and introduction to recent scholarship on the causes of the English civil war. It examines English developments in a broader British and European context, and explores current debates on the nature of the political process and the divisions over religion and politics. It then analyses renewed attempts to set the civil war in a social context, and to connect social change to broad cultural cleavages in England. The author also provides her own positive interpretation which takes account of the valuable insights of revisionist approaches, but concludes that long term ideological divisions and tensions arising from social change were crucial in causing the civil war.