Remaking the Postwar World Economy : Robot and British Policy in the 1950s

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ISBN: 9780333557259 | 0333557255
Cover: Hardcover
Copyright: 11/22/2003

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Peter Burnham presents a detailed, archive-based account of the keys aspects of international monetary relations in the 1950s focusing in particular on Anglo-American policy surrounding the restoration of sterling convertibility.He argues that in 1952 the British government had a unique opportunity to take an almost revolutionary step in the external field to transform the international political economy (through the abolition of the fixed rate system, the International Monetary Fund, and the European Payments Union) and restructure Britain's domestic economy to tackle longstanding productivity, export and labour market problems.

Acknowledgements

vii

List of Abbreviations

viii

1 Britain, Bretton Woods and the Crisis of the World Economy 1945-1951

I Introduction

(4)

II Bretton Woods and the falsification of the IMF assumptions

(6)

III The British problem and the 1951 balance of payments

(6)

IV Dramatis personae

(3)

2 Emergency Action and the Route to Floating Rate Convertibility

(21)

I Fleming and Thompson-McCausland on the advantages of a floating rate

(8)

II Inconvertibility and the problem of cheap sterling

(3)

III Anglo-American economic relations and dollar aid

(4)

IV The Conference of Commonwealth Finance Ministers

(3)

3 Operation Robot: Restructuring the Domestic and the World Economy

(30)

I Forging the Clarke/Bolton/Rowan alliance

(7)

II Robot and the domestic economy

(4)

III Robot and the world economy

(18)

4 The Battle over Robot

(18)

I Robot and the Economic Section

(2)

II Cherwell and the Prime Minister's Statistical Section

(4)

III The Cabinet decides: 28 and 29 February

(11)

5 Robot Walks Again

(18)

I Sterling Union: paving the way for Robot II

(3)

II Towards the 'new look' Robot

(5)

III Anglo-French collaboration

(3)

IV The fate of Robot II

101

(6)

6 The Collective Approach to Freer Trade and Currencies

107

(19)

I The development of the Collective Approach

108

(4)

II The Cherwell/MacDougall plan for an Atlantic Payments Union

112

(3)

III The adoption of the Collective Approach

115

(4)

IV The Commonwealth Economic Conference

119

(7)

7 Anglo-American Negotiations and a New Bank Route to Convertibility

126

(29)

I The Epistle to the Americans

127

(2)

II The Washington Talks and US foreign economic policy

129

(8)

III Towards a depoliticized technical approach to convertibility

137

(6)

IV The stand-by credit, the quid pro quo and the Humphrey-Butler talks

143

(3)

V 'Operation Governor' and de facto convertibility

146

(9)

8 From Suez to Operation Unicorn

155

(20)

I The sterling crises of 1956 and 1957

156

(7)

II Towards unification: the Treasury/Bank consensus on the move to Stage Two

163

(5)

III The politics of Operation Unicorn

168

(4)

IV France, Germany and the final act

172

(3)

9 Conclusion: Bretton Woods and British Decline

175

(11)

I The crisis of the new 'Bretton Woods' system

175

(4)

II The relative economic and political decline of Britain in the 1950's

179

(4)

III Concluding remarks: Britain, Robot and the remaking of the postwar world economy

183

(3)

Notes

186

(39)

Bibliography

225

(6)

Index

231

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Remaking the Postwar World Economy : Robot and British Policy in the 1950s

Summary

Author Biography

Table of Contents

Supplemental Materials

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Remaking the Postwar World Economy : Robot and British Policy in the 1950s

Summary

Author Biography

Table of Contents

Supplemental Materials

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