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Architects of AusterityInternational Finance and the Politics of Growth$
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Aaron Major

Print publication date: 2014

Print ISBN-13: 9780804788342

Published to Stanford Scholarship Online: September 2014

DOI: 10.11126/stanford/9780804788342.001.0001

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The Erratic March of Labour

The Erratic March of Labour

Chapter:
(p.96) 5 The Erratic March of Labour
Source:
Architects of Austerity
Author(s):

Aaron Major

Publisher:
Stanford University Press
DOI:10.11126/stanford/9780804788342.003.0005

This chapter takes the story to the United Kingdom and the global politics surrounding the Labour government's domestic economic agenda from 1964 to 1967. While the Labour government promised a new social democratic model of economic growth and a defense of the pound sterling, it was unable make good on either. This chapter shows how Labour's dependency on short-term financing of its payments deficits gave the international critics of Labour's economic plan leverage to compel the Wilson government to impose austerity measures.

Keywords:   Labour government, Harold Wilson, July measures, United Kingdom economic policy, pound sterling, devaluation, financial dependency

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