Category Archives: Britain

Blogs about the United Kingdom

The metamorphosis of the IMF as a neo-liberal attack dog

Today I am in Granada, Spain having an interesting time. Nothing public to report. I will be here until Thursday morning upon which I travel back to Madrid and the public events begin (see below). Today’s blog continues the analysis … Read the rest of this entry »

Posted in Britain, Debriefing 101, IMF, UK Economy, US economy | 6 Comments

The 1976 currency crisis

Today, I take a further step in advancing our understanding of why the British government called in the IMF in 1976 and why it fell prey to a growing neo-liberal consensus, largely orchestrated by the Americans. The assertion by British … Read the rest of this entry »

Posted in Britain, Demise of the Left, IMF, UK Economy | 10 Comments

Britain approaches the 1976 currency crisis

When the Labour Party resumed minority government in March 1974 after a close victory over the Tories in the February election, which had delivered a hung parliament, the British economy was in recession and inflation was running at 12.9 per … Read the rest of this entry »

Posted in Britain, Demise of the Left, UK Economy | 1 Comment

The British Labour Party path to Monetarism

The Bank of England’s failure in the early 1970s to control the money supply under the Competition and Credit Control (CCC) policy should have discouraged the Monetarist support base. However, while the monetary targets were abandoned, the Monetarist infestation was … Read the rest of this entry »

Posted in Britain, Demise of the Left, UK Economy | 6 Comments

Distributional conflict and inflation – Britain in the early 1970s

In the previous instalment of this series of blogs I am writing, which will form the input to my next book on globalisation and the capacities of the nation-state, which I am working on with Italian journalist Thomas Fazi, I … Read the rest of this entry »

Posted in Britain, Demise of the Left, UK Economy | 12 Comments

British trade unions in the early 1970s

The mainstream economics (by which I mean neo-classical economics and its siblings in a History of Economic Thought context) constructs trade unions as being market imperfections that interfere with the freedom of supply and demand to determine optimal price (wage) … Read the rest of this entry »

Posted in Britain, Demise of the Left, Labour costs, UK Economy | 14 Comments

The right-wing counter attack – 1971

The early 1970s brought into relief the internal contradictions of the capitalist system of production and distribution. This was never more evident than in Britain at the time. The trade unions, previously illegal had become more powerful and integrated as … Read the rest of this entry »

Posted in Britain, Demise of the Left, IMF, UK Economy | 22 Comments

Britain and the 1970s oil shocks – the failure of Monetarism

This blog provides another excerpt in the unfolding story about Britain and the IMF. We pick up yesterday’s story with Britain mired in inflation and rising unemployment as the OPEC oil price rises impact in late 1973. The Tories under … Read the rest of this entry »

Posted in Britain, Demise of the Left, UK Economy | 16 Comments

The Heath government was not Monetarist – that was left to the Labour Party

This blog provides another excerpt in the unfolding story about Britain and the IMF and the Monetarist sell-out by the British Labour Party once it was reelected in February 1974. As I noted in this blog – The British Monetarist … Read the rest of this entry »

Posted in Britain, Demise of the Left, UK Economy | 7 Comments

British Labour Party surrenders … back to its Monetarist roots

Last week, the shadow British Chancellor, John McDonnell confirmed that the British Labour Party under Jeremy Corbyn will not be part of a progressive realignment of the public debate regarding fiscal policy. By that I mean, they have chosen, probably … Read the rest of this entry »

Posted in Britain, Politics, UK Economy | 56 Comments