The 1976 IMF Crisis and British Politics

Abstract

The thesis is an examination of the 1976 IMF Crisis. Specifically, the study seeks to analyse the nature of economic thought underlying the conduct of public policy at this time. Such a study involves an analysis of the postwar consensus thesis in order to understand the nature of postwar political economy. Moreover, the study involves an analysis of the role of ideas in the conduct of economic policy. The thesis begins with an analysis of the postwar consensus, followed by a detailed historical study of the 1976 IMR Crisis. The final chapter relates the conduct of economic policy to the various economic theories which were present at the time.

It is widely argued that the IMF Crisis resulted in the introduction of monetarism by the Labour Government. The thesis rejects this argument, and suggests various reasons why this is not the case. Instead, it is argued that the Labour Government accepted crowding-out and supply-side theories.

In addition to this argument, the thesis makes several other important contributions to knowledge. It is based on a broad range of interviews conducted with several leading actors. Information obtained from these interviews has allowed for a new understanding of the political thought of the social democratic wing of the Labour Party at this time. Moreover, the thesis contains new information on the conduct of economic policy in 1976.

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