Good-bye, Great Britain: The 1976 IMF CrisisYale University Press, 1992. gada 1. janv. - 268 lappuses In March 1976 the value of the British pound began to slide. The slide turned into a rout and triggered an economic and political trauma. By September confidence in the pound had collapsed. In April 1975 the Wall Street Journal had run the headline 'Goodbye, Great Britain,' advising investors to get out of sterling. Now the British Labour government under its new Prime Minister James Callaghan was forced to seek help from the International Monetary Fund, a familiar option for Third World countries but highly unusual for a developed western economy. This expert new study uncovers the roots of the most searing economic crisis of postwar Britain. The weakness and instability of the British economy in the mid-1970s, the consequence in part of the 1973 rise in oil prices, raised international alarm. The US government in particular feared economic crisis would drive Britain into a left-wing siege economy, endangering NATO and the EEC. Anticipating the danger, the US Treasury set out to force Britain to make major domestic policy changes. The sterling crisis provided the opportunity. The IMF provided the weapon. Arriving in London in November 1976, the IMF mission announced that the price for the loan included deep cuts in public expenditure. The consequent political crisis was fought out in private and in public, amongst members of the British Cabinet, the Labour Party, the Treasury and the Bank of England. It involved the US President, Treasury and State Department, the Federal Reserve, the German Chancellor and the Bundesbank. Burk and Cairncross uncover the efforts of the Labour government to escape IMF conditions. They also examine the political agenda, the loss of economic control, the rise of monetarist ideas and the change in the climate of opinion. Juxtaposing gripping narrative with expert analysis, the book provides surprising answers to critical questions and reveals how the breakdown of the postwar consensus on macro-economic management paved the way for the triumph of Thatcherism. |
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Saturs
Whats Past is Prologue | 3 |
MarchSeptember 1976 | 20 |
Sterlingdollar exchange rate 215 March 1976 | 32 |
Sterlingdollar exchange rate JulyDecember 1976 | 56 |
OctoberDecember 1976 | 111 |
The Sterling Balances Official and Private 197679 | 114 |
The Movement of Opinion | 129 |
Inflation and savings 197076 | 148 |
Public sector borrowing requirement and financial deficit 197179 | 182 |
Public expenditure 197277 | 189 |
Changes in public expenditure unemployment and national income 197377 | 195 |
Changes in demand 197377 | 196 |
Increase in incomes prices and money 197178 | 199 |
Factors contributing to price inflation | 201 |
The money supply and borrowing requirement 197577 | 207 |
Percentage increase in wages and prices in five leading countries 197476 | 221 |
Inflation and the burden of public debt | 154 |
The Balance of Payments | 163 |
Balance of payments on current account | 169 |
The movement of funds 197178 | 171 |
Changes in exchange reserves of sterling of central monetary institutions 197476 | 175 |
The movement of funds 197577 | 176 |
Domestic Economic Policy | 179 |
Changes in GDP prices and public expenditure in ten industrial countries 197278 | 223 |
Budget balance and balance of payments in ten countries 197476 | 224 |
Appendix The Letter of Intent | 229 |
Notes | 237 |
V | 251 |
263 | |
Citi izdevumi - Skatīt visu
Good-bye, Great Britain: The 1976 IMF Crisis Kathleen Burk,Professor of Modern and Contemporary History Kathleen Burk,Alec Cairncross Ierobežota priekšskatīšana - 1992 |
Bieži izmantoti vārdi un frāzes
According to Fay agreed agreement balance of payments Bank of England Benn borrowing requirement Britain British Budget deficit Burns Cabinet Callaghan cent central banks Chancellor countries crisis Crosland currency current account December demand Denis Healey Derek Mitchell devaluation domestic Douglas Wass economic policy economists exchange rate Fay and Young fiscal Ford forecasts foreign Germany government's growth Harold Lever Ibid IMF mission incomes policy increase industrial inflation interest rates International Monetary International Monetary Fund James Callaghan July Kissinger Labour government Lever loan London March meeting ment monetarism monetarist monetary policy money supply Nearly Died negotiations November official balances penditure Pliatzky Pöhl political Prime Minister PSBR public ex public expenditure public sector public spending reduce reserve currency rise Schmidt Secretary September Simon stand-by arrangement sterling balances Tony Crosland trade Treasury unemployment United Kingdom wages Washington Wass Whittome Witteveen
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