Politics and Economic Policy in the UK Since 1964 - 1st Edition - ISBN: 9780080224695, 9781483136561

Politics and Economic Policy in the UK Since 1964

1st Edition

The Jekyll and Hyde Years

Authors: Michael Stewart
eBook ISBN: 9781483136561
Imprint: Pergamon
Published Date: 1st January 1978
Page Count: 280
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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.

Table of Contents


Chapter 1: Introduction

Chapter 2: The Ebb Tide: Background to 1964

Economic Problems

Party Objectives

Manipulating Demand

Labor after 1959

Election Year

Chapter 3: Great Expectations: October 1964-March 1966

Labor's Hangups

The Balance of Payments

No Devaluation

Alternative Courses of Action

Labor and the City's Hangups

The Department of Economic Affairs

Incomes Policy

The Growth Problem

Neddy and the National Plan

On the Tightrope

Unhappiness in the Unions and on the Left

Heath Replaces Home

Maneuvering towards the next Election

'You Know Labor Government Works'

Chapter 4: The Light That Failed: April 1966-June 1970

Selective Employment Tax

The Seaman's Strike

The July Measures

Reactions to the July Measures

EEC: Second Shot

The Bumpy Road to Devaluation

Reactions to Devaluation

Two Years' Hard Slog

In Place of in Place of Strife

Industrial Policy

Regional Policy

The Distribution of Income and Wealth

The Incomes Policy and the Wage Explosion

The Emergence of Selsdon Man

The 1970 General Election

Chapter 5: Pride And Prejudice: June 1970-February 1974

A New Style of Government

Museum Charges

The Industrial Relations Act

The Demon Barber

Some Reflation

Lame Ducks and Roosting Chickens

A Lot More Reflation

Doubts about Fine Tuning


EEC: Third Time Lucky?

Inflation and the Evanescent Phillips Curve

The Monetarist Solution

Back to a Statutory Incomes Policy

1973 — Annus horribilis

The Oil Crisis

The Second Miners' Strike

The Inconclusive Election

Chapter 6: Desperate Remedies: Since February 1974

The Economic Problem

New Cambridge

Another Budget, Another Election

The Disintegrating Social Contract

Thatcher Replaces Heath

Getting through the Referendum

Back to Incomes Policy

The New Industrial Strategy

Public Affluence and Private Squalor?

Future Uncertain

Chapter 7: Some Concluding Remarks

Structural Factors

Technical Factors

Managemental Factors

Political Factors

Sources and References


Statistical Appendix



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© Pergamon 1978
eBook ISBN:

About the Author

Michael Stewart

Affiliations and Expertise

Consultant Scientist

Ratings and Reviews