The IMF Crisis of 1976 and British Politics Keynesian Social Democracy, Monetarism and Economic Liberalism: the 1970s Struggle in British Politics

The 1976 IMF crisis was a seminal event in modern British political and economic history. This study, based on vital original source material, including interviews with leading actors, probes economic thought and practice by governments and questions much received wisdom, especially that the effect of the IMF crisis was a shift to the monetarist orthodoxy and right-wing economic liberalism of the 1980s--to be embraced by all parties including New Labour.

Kevin Hickson did his research at the University of Southampton and as a political economy specialist with particular interest in the Keynesian and neo-Keynesian and monetarist debate.

Introduction * The Postwar Concensus * Background to the 1976 IMF Crisis * Politics and Economic Policy: March-September 1976 * Politics and Economic Policy to 1977 * Economic Policy and Analysis * Cabinet Debates and the IMF Crisis as a Turning Point in Economic Policy * Summary and effect on New Labour.