A hard pounding : politics and economic crisis, 1974-1976

Abstract

Part I Introduction: Britain in a world without rules divisions of labour. Part 2: The short Parliament - March to September 1974: the economic team the March Budget the triumph of politics debates on economic policy the July measures the regeneration of British industry? a disorderly growth of incomes. Part 3 The Mandarins: a problematic victory the Mandarins revolt the Mandarins retreat industrial policy - the excitement fades the Social Contract on the brink the battle for a statutory incomes policy Treasury advice and Cabinet responsibility public expenditure - the fight for control the current account - forecasting a crisis. Part 4 Catharsis: Sterling in free fall Callaghan's inheritance the third July no alternative to the IMF the IMF in London accepting the inevitable the final assessment.

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