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First published in 1968 Managing the British Economy attempts to trace the development of what has passed for economic planning in Britain in the 1960’s and, at the same time, to observe the activities of those engaged in the operation and the effect of their actions on business and industry. In writing this book, the author has had in mind the difficulties of businessmen in keeping track of ‘who does what’ in the Economy. Experience in industry and in the field of management education has shown him that managers often have difficulties in placing their own operations in the national context and he attempts here to help the reader understand how the system works in practice. How do the new arrangements tie in with the old? How does any government influence the running of the economy? What kind of system are we moving towards? This is a must read for scholars and researchers of British economy and economic history of Britain.
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.
This study offers a distinctive new account of British economic life since the Second World War, focussing upon the ways in which successive governments, in seeking to manage the economy, have sought simultaneously to "manage the people": to try and manage popular understanding of economic issues. In doing so, governments have sought not only to shape expectations for electoral purposes but to construct broader narratives about how "the economy" should be understood. The starting point of this work is to ask why these goals have been focussed upon (and differentially over time), how they have been constructed to appeal to the population, and, insofar as this can be assessed, how far the population has accepted these narratives. The first half of the book analyses the development of the major narratives from the 1940s onwards, addressing the notion of "austerity" and its particular meaning in the 1940s; the rise of a narrative of 'economic decline from the late 1950s, and the subsequent attempts to "modernize" the economy; the attempts to "roll back the state" from the 1970s; the impact of ideas of "globalization" in the 1900s; and, finally, the way the crisis of 2008/9 onward was constructed as a problem of "debts and deficits". The second part of the book focuses on four key issues in attempts to "manage the people: productivity, the balance of payments, inflation, and unemployment. It shows how, in each case, governments sought to get the populace to understand these issues in a particular light, and shaped strategies to that end.
The book is divided into three main sections. The first sets the context in which policy-makers operate: the historical context, with a survey of policy since 1945; and the international context over the same period. The second section looks at the policy-making process itself, with a separate chapter on Europe. Then there is a series of thematic chapters, focusing on some key policy areas, including inflation, labour markets and the exchange rate.
Since 1945 British governments have played an active role in managing the economy in the interests of securing high employment, economic growth and low inflation with their approach evolving in response to changing economic circumstances, intellectual shifts and past policy failures. This book provides an overview of economic management, particularly financial management, and addresses how it has changed and why it has not always been successful. It examines the actual policies that were introduced, the problems that various governments faced in implementing them and how the approach to policymaking changed. It also examines the main phases of economic policymaking and the conduct of policymaking, as there is a widespread consensus that until recently, short-run economic management could have been more successful than it was.
Inspired by recent research on the cultural impact of economic change, an international team of leading academics and younger scholars examine the ways in which state and society responded to fundamental economic transition. The studies embrace all aspects of the regulatory process, from developing ideas on the economy, to the passage of legislation, and to the negotiation of economic policy and change in practice. The book challenges the general characterization of the period as a shift from a regulated economy to a more laissez-faire system, highlighting the uncertain but significant relationship between the state and economic interests across the long eighteenth century.
"The chapters are written by Lord Healey, Lord Howe, Lord Lawson of Blaby, Lord Lamont and Kenneth Clarke, MP. The book also contains an introduction by Howard Davies, Director of the London School of Economics. He provides a context in which to understand the contributions of each of the chapters which follow."--Jacket.