British Capitalism at the Crossroads, 1919-1932: A Study in by Robert W. D. Boyce

By Robert W. D. Boyce

Within the aftermath of the 1st global struggle British politics have been subordinated to the objective of reconstructing a multilateral alternate and funds process. This determination needs to be understood because the results of the atypical constitution of British capitalism in which mercantile and monetary task instead of production supplied the center of wealth of the dominant group. For a decade, Britain made a sign contribution to the recovery of multilateralism. With the area at a turning-point in 1928, British coverage remained devoted to reform via multilateral motion, fairly as soon as the Labour get together resumed workplace. however the sensible impression of coverage was once the other of that meant. Dogmatic competition to all second-best choices helped force all international locations, Britain incorporated, clear of internationalism in the direction of a slim nationalism and fiscal protectionism. The account results in 1932 whilst Britain embarked upon an lively imperial coverage whereas the remainder of the realm headed in the direction of one other struggle. utilizing quite a lot of basic assets, the writer provides an account which integrates the commercial, political and diplomatic occasions of the interval.

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Extra resources for British Capitalism at the Crossroads, 1919-1932: A Study in Politics, Economics, and International Relations

Sample text

It spoke the language of revolution, which was bound to frighten employers and encourage them to identify closely with other holders of wealth. Yet it remained incorrigibly conservative and blind to the contradiction of championing simultaneously internationalism and a planned domestic economy. Eventually, in spite of the party, trade unionists joined with employers in a tentative move towards a producers' alliance, but not before economic internationalism was restored at great cost to industry and the country as a whole.

The talent he displayed for central banking persuaded the Bank's inner committee of directors, the Committee of Treasury, to set aside their doubts about his suitability for office. In 1918, when Cokayne succeeded Cunliffe as Governor, he was elected Deputy G ^ernor. Two years later Cokayne retired and Norman was elected in his place. Norman, until then practically unknown in the City, soon attracted national attention. It was typical of City men to be reticent in public and coldly unreceptive to academic theorising, but in both respects Norman went to extremes.

It also meant that the Bank remained intimately linked to the City without acquiring a distinctive spirit or outlook of its own. 67 But from the outbreak of war greater professionalism and continuity of direction became imperative. Lord Cunliffe was therefore retained in office until the end of 1917, and Montagu Norman, who became Governor in April 1920 remained in office for the next twenty-four years. Montagu Norman was almost certainly the most extraordinary man ever to occupy the Governor's office at the Bank of England.

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