The City of London and Social Democracy: The Political Economy of Finance in Post-war Britain (Oxford Historical Monographs)

__The City of London and Social Democracy: The Political Economy of Finance in Post-War Britain__ evaluates the changing relationship between the United Kingdom financial sector (colloquially referred to as ‘the City of London’) and the post-war social democratic state. The key argument made in the book is that changes to the British financial system during the 1960s and 1970s undermined a number of the key components of social democratic economic policy practised by the post-war British state. The institutionalization of investment in pension and insurance funds; the fragmentation of an oligopolistic domestic banking system; the emergence of an unregulated international capital market centred on London; the breakdown of the Bretton Woods international monetary system; and the popularization of a City-centric, anti-industrial conception of Britain’s economic identity, all served to disrupt and undermine the social democratic economic strategy that had attempted to develop and maintain Britain’s international competitiveness as an industrial economy since the Second World War. These findings assert the need to place the Thatcher governments’ subsequent economic policy revolution, in which a liberal market approach accelerated deindustrialization and saw the rapid expansion of the nation’s international financial service industry, within a broader material and institutional context previously underappreciated by historians. "The City of London and Social Democracy: The Political Economy of Finance in Post-War Britain evaluates the changing relationship between the United Kingdom financial sector (colloquially referred to as ‘the City of London’) and the post-war social democratic state. The key argument made in the book is that changes to the British financial system during the 1960s and 1970s undermined a number of the key components of social democratic economic policy practised by the post-war British state. The institutionalization of investment in pension and insurance funds; the fragmentation of an oligopolistic domestic banking system; the emergence of an unregulated international capital market centred on London; the breakdown of the Bretton Woods international monetary system; and the popularization of a City-centric, anti-industrial conception of Britain’s economic identity, all served to disrupt and undermine the social democratic economic strategy that had attempted to develop and maintain Britain’s international competitiveness as an industrial economy since the Second World War. These findings assert the need to place the Thatcher governments’ subsequent economic policy revolution, in which a liberal market approach accelerated deindustrialization and saw the rapid expansion of the nation’s international financial service industry, within a broader material and institutional context previously underappreciated by historians." -- University Press Scholarship Online The City Of London And Social Democracy' Evaluates The Changing Relationship Between The United Kingdom Financial Sector - The 'city Of London' - And The Post-war Social Democratic State. The Key Argument Made In Aled Davies's Study Is That Changes To The British Financial System During The 1960s And 1970s Undermined A Number Of The Key Components Of Social Democratic Economic Policy Practised By The Post-war British State. The Institutionalization Of Investment In Pension And Insurance Funds; The Fragmentation Of An Oligopolistic Domestic Banking System; The Emergence Of An Unregulated International Capital Market Centred On London; The Breakdown Of The Bretton Woods International Monetary System; And The Popularization Of A City-centric, Anti-industrial Conception Of Britain's Economic Identity, All Served To Disrupt And Undermine The Social Democratic Economic Strategy Which Had Attempted To Develop And Maintain Britain's International Competitiveness As An Industrial Economy Since The Second World War. These Findings Assert The Need To Place The Thatcher Governments' Subsequent Economic Policy Revolution, In Which A Liberal Market Approach Accelerated Deindustrialization And Saw The Rapid Expansion Of The Nation's International Financial Service Industry, Within A Broader Material And Institutional Context Previously Underappreciated By Historians.--back Cover. Aled Davies. Includes Bibliographical References (pages 225-243) And Index. The City of London and Social Democracy examines the relationship between the financial sector and the state in post-war Britain. The key argument made in Aled Davies's study is that changes to the financial sector during the 1960s and 1970s undermined the state's capacity to sustain and develop a modern industrial economy. Social democratic economic strategy was constrained by the institutionalization of investment in pension and insurance funds; the fragmentation of the nation's oligopolistic domestic banking system; the emergence of an unregulated international capital market based in London; and the breakdown of the Bretton Woods international monetary system. Novel attempts to reconfigure social democratic economic strategy in response to these changes ultimately proved unsuccessful. Meanwhile, the assumption that national prosperity could only be achieved through industrial growth was challenged by a reconceptualization of Britain as a fundamentally financial and commercial nation -- an idea that was successfully promoted by the City itself. These findings assert the need to place the Thatcher governments'subsequent neoliberal economic revolution, which saw the acceleration of deindustrialization and the triumph of the City of London as a pre-eminent international financial centre, within a broader material, institutional, and cultural context previously underappreciated by historians. The City Of London And Social Democracy Examines The Relationship Between The Financial Sector And The State In Post-war Britain. The Key Argument Made In Aled Davies's Study Is That Changes To The Financial Sector During The 1960s And 1970s Undermined The State's Capacity To Sustain And Develop A Modern Industrial Economy. Social Democratic Economic Strategy Was Constrained By The Institutionalization Of Investment In Pension And Insurance Funds; The Fragmentation Of The Nation's Oligopolistic Domestic Banking System; The Emergence Of An Unregulated International Capital Market Based In London; And The Breakdown Of The Bretton Woods International Monetary System. Novel Attempts To Reconfigure Social Democratic Economic Strategy In Response To These Changes Ultimately Proved Unsuccessful. Meanwhile, The Assumption That National Prosperity Could Only Be Achieved Through Industrial Growth Was Challenged By A Reconceptualization Of Britain As A Fundamentally Financial And Commercial Nation — An Idea That Was Successfully Promoted By The City Itself. These Findings Assert The Need To Place The Thatcher Governments' Subsequent Neoliberal Economic Revolution, Which Saw The Acceleration Of Deindustrialization And The Triumph Of The City Of London As A Pre-eminent International Financial Centre, Within A Broader Material, Institutional, And Cultural Context Previously Underappreciated By Historians. "The City of London and Social Democracy' evaluates the changing relationship between the United Kingdom financial sector - the 'City of London' - and the post-war social democratic State. The key argument made in Aled Davies's study is that changes to the British financial system during the 1960s and 1970s undermined a number of the key components of social democratic economic policy practised by the post-war British State. The institutionalization of investment in pension and insurance funds; the fragmentation of an oligopolistic domestic banking system; the emergence of an unregulated international capital market centred on London; the breakdown of the Bretton Woods international monetary system; and the popularization of a City-centric, anti-industrial conception of Britain's economic identity, all served to disrupt and undermine the social democratic economic strategy which had attempted to develop and maintain Britain's international competitiveness as an industrial economy since the Second World War. These findings assert the need to place the Thatcher governments' subsequent economic policy revolution, in which a liberal market approach accelerated deindustrialization and saw the rapid expansion of the nation's international financial service industry, within a broader material and institutional context previously underappreciated by historians."-- Provided by publisher Introduction : the City of London and social democracy 'Pension fund socialism' : institutional investment and social democracy The politics of banking and social democracy The limits of financial reform and the challenge to social democracy in the 1970s The City of London and the politics of 'invisibles' The City of London and the evolution of British monetarism Conclusion. How and why did social democracy give way to neoliberalism in Britain in the late 20th century? Aled Davies asks these questions in this exploration of the City of London and its relationship with the post-war social democratic State