Politics and Economic Policy in the UK Since 1964

Politics and Economic Policy in the UK Since 1964

The Jekyll and Hyde Years

1st Edition - January 1, 1978

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  • Author: Michael Stewart
  • eBook ISBN: 9781483136561

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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

  • Preface

    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


Product details

  • No. of pages: 280
  • Language: English
  • Copyright: © Pergamon 1978
  • Published: January 1, 1978
  • Imprint: Pergamon
  • eBook ISBN: 9781483136561

About the Author

Michael Stewart

Affiliations and Expertise

Consultant Scientist

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