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The City of London and Social Democracy - The Political Economy of Finance in Britain, 1959 - 1979 (Hardcover)
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The City of London and Social Democracy - The Political Economy of Finance in Britain, 1959 - 1979 (Hardcover)
Series: Oxford Historical Monographs
Expected to ship within 12 - 17 working days
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The City of London and Social Democracy examines the relationship
between the financial sector and the state in post-war Britain. The
key argument made in Aled Davies's study is that changes to the
financial sector during the 1960s and 1970s undermined the state's
capacity to sustain and develop a modern industrial economy. Social
democratic economic strategy was constrained by the
institutionalization of investment in pension and insurance funds;
the fragmentation of the nation's oligopolistic domestic banking
system; the emergence of an unregulated international capital
market based in London; and the breakdown of the Bretton Woods
international monetary system. Novel attempts to reconfigure social
democratic economic strategy in response to these changes
ultimately proved unsuccessful. Meanwhile, the assumption that
national prosperity could only be achieved through industrial
growth was challenged by a reconceptualization of Britain as a
fundamentally financial and commercial nation - an idea that was
successfully promoted by the City itself. These findings assert the
need to place the Thatcher governments' subsequent neoliberal
economic revolution, which saw the acceleration of
deindustrialization and the triumph of the City of London as a
pre-eminent international financial centre, within a broader
material, institutional, and cultural context previously
underappreciated by historians.
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