Modern Britain: An Economic and Social History

By Sean Glynn; Alan Booth | Go to book overview

Chapter 7

Economic policy

THE DEVELOPMENT OF POLICY

Economic policy can be defined as the ability and willingness of government to influence the economy and the motivations and intentions in so doing. During the later nineteenth century a policy, usually known as laissez-faire, evolved in Britain. Government largely confined itself to basic functions including defence and the maintenance of law and order. The economy was left very largely to its own devices and operated through market mechanisms within an established legal and institutional framework which included the gold standard, rules of conduct for the financial sector and the regulation of monopolies. The interwar period can be seen as a transition period for economic policy during which there was a movement away from laissez-faire towards increased levels and more detailed government interventions (Tomlinson 1990: ch. 2). These moves were promoted by the emergence of hitherto neglected interest groups, greater demands on government and growing complexities in both internal and external economic relationships. By the mid-twentieth century government sought to influence not only the level of economic activity but also the structure and development of the economy. This escalation of intervention was not smooth. In the 1920s there was an attempt to revert to the pre-1914 system. Major events including wars and severe depression were important influences, as were changes in economic theory, but the creation of universal suffrage and the emergence of modern democratic politics were more fundamental in placing new demands on government. As a result of social and political changes, governments were obliged to find new ways of attempting to cope with rising expectations. In the 1970s with the emergence of inflation and related problems a reaction against government intervention gathered momentum and in the 1980s Margaret Thatcher presided over an attempt to establish free market policies which, in theory at least, had something in common with nineteenth-century laissez-faire (Skidelsky 1988). Thus in the 1980s some commentators were able to suggest that

-125-

Notes for this page

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this book

This book has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this book

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this page

Cited page

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited page

Bookmark this page
Modern Britain: An Economic and Social History
Table of contents

Table of contents

  • Title Page iii
  • Contents v
  • List of Figures vi
  • List of Tables vii
  • Chapter 1 - Introduction 1
  • Part I - Interwar Britain 13
  • Chapter 2 - Growth and Living Standards 15
  • Chapter 3 - Society and Politics 36
  • Chapter 4 - Industrial Development 53
  • Chapter 5 - Unemployment and the Labour Market 85
  • Chapter 6 - Britain and the International Economy 111
  • Chapter 7 - Economic Policy 125
  • Chapter 8 - Britain at War 142
  • Part II - Postwar Britain 167
  • Chapter 9 - Social and Political Development 169
  • Chapter 10 - Growth and Welfare 188
  • Chapter 11 - Britain in the World Economy 216
  • Chapter 12 - Industrial Development 241
  • Chapter 13 - The Labour Market 277
  • Chapter 14 - Economic Policy 304
  • Bibliography 328
  • Index 361
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this book

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen
/ 374

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.