British capitalism at the crossroads, 1919-1932 : a study in politics, economics, and international relations

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. Contents......Page 8 Preface......Page 12 Abbreviations......Page 15 Introduction......Page 18 1 The politics of economic internationalism......Page 22 2 Crucified on a cross of gold......Page 52 3 'Normalcy'......Page 96 4 Conflict over commerce......Page 118 5 The scramble for gold......Page 151 6 The second Labour government at The Hague......Page 203 7 Free trade: the last offensive......Page 234 8 The challenge of regionalism......Page 258 9 The gold standard undermined......Page 297 10 The Austro-German customs union crisis......Page 323 11 The collapse of economic internationalism......Page 347 Conclusion......Page 387 Notes......Page 392 Bibliography......Page 473 Index......Page 501 Contents 8 Preface 12 Abbreviations 15 Introduction 18 1 The politics of economic internationalism 22 2 Crucified on a cross of gold 52 3 'Normalcy' 96 4 Conflict over commerce 118 5 The scramble for gold 151 6 The second Labour government at The Hague 203 7 Free trade: the last offensive 234 8 The challenge of regionalism 258 9 The gold standard undermined 297 10 The Austro-German customs union crisis 323 11 The collapse of economic internationalism 347 Conclusion 387 Notes 392 Bibliography 473 Index 501 978-0-521-32535-6,Hardback,9780521124973,Paperback Cambridge University Press This book examines the reconstruction of the British economy in the aftermath of the First World War up until the break of the second. Using a wide range of primary sources, the author presents an account which integrates the economic, political and diplomatic events of the period. Robert W.d. Boyce. Includes Index. Bibliography: P. 456-483.