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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

(p.96) 5 The Erratic March of Labour
Architects of Austerity

Aaron Major

Stanford University Press

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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