The British Economy

Originally published in 1967, this book provides a detailed survey of economic events from the early 1950s to the late 1960s. It provides an excellent source of reference on economic policy issues and will also be invaluable as a textbook of mid-20th century economic history. Part 1 discusses demand management, the balance of payments and regional development before 1961. The authors stress the social and administrative aspects of Britain’s mal du siècle. A turning point came in 1961 when the Conservatives set up the National Economic Development Council. This experiment in ‘indicative planning’ and the changes introduced by Labour after 1964 are described in Part 2. Despite short-term demand mismanagement by successive governments, ‘indicative planning’ has made it possible to introduce a number of constructive new measures, in particular prices and incomes policy, regional development and the modernization of economic structures to each of which the book devotes a chapter.