British Capitalism at the Crossroads, 1919–1932
A Study in Politics, Economics, and International Relations

This book examines the reconstruction of the British economy in the aftermath of the First World War up until the break of the second.

Robert W. D. Boyce (Author)

9780521124973, Cambridge University Press

Paperback, published 10 December 2009

524 pages
22.9 x 15.2 x 3 cm, 0.76 kg

In the aftermath of the First World War British politics were subordinated to the goal of reconstructing a multilateral trade and payments system. This decision must be understood as the result of the peculiar structure of British capitalism wherein mercantile and financial activity rather than manufacturing industry provided the core of wealth of the dominant community. For a decade, Britain made a signal contribution to the restoration of multilateralism. With the world at a turning-point in 1928, British policy remained committed to reform through multilateral action, particularly once the Labour party resumed office. But the practical effect of policy was the opposite of that intended. Dogmatic opposition to all second-best alternatives helped drive all countries, Britain included, away from internationalism towards a narrow nationalism and economic protectionism. The account ends in 1932 when Britain embarked upon an active imperial policy while the rest of the world headed towards another war. Using a wide range of primary sources, the author presents an account which integrates the economic, political and diplomatic events of the period.

Preface
List of abbreviations
Introduction
1. The politics of economic internationalism
2. Crucified on cross of gold
3. 'Normalcy'
4. Conflict over commerce
5. The scramble for gold
6. The second labour government at the Hague
7. Free trade: the last offensive
8. The challenge of regionalism
9. The gold standard undermined
10. The Austro-German customs union crisis
11. The collapse of economic internationalism
Conclusion
Notes
Bibliography
Index.

Subject Areas: Microeconomics [KCC]