Get 20M+ Full-Text Papers For Less Than $1.50/day. Start a 14-Day Trial for You or Your Team.

Learn More →

Britain and European Monetary Cooperation, 1964–1979Labour and Sterling

Britain and European Monetary Cooperation, 1964–1979: Labour and Sterling [In December 1955, Hugh Gaitskell became the leader of the Labour Party. Some ten months later, Britain, France and Israel launched a military attack on Egypt. With a sterling crisis ensuing from this venture, Suez highlighted the limits to Britain’s military and economic power. It was the twilight of British imperialism.1 Admittedly, British imperialism had set the stage for British socialism: ‘In the days when the socialist movement was growing to maturity, British Imperialism was at its zenith.’2 The Labour Party had established itself as the vanguard of anti-imperialism. Nevertheless, Suez provided Labourites with something of a sense of collapse. The radical wing of the British socialists abhorred imperialism or colonialism, since it was highly suggestive of the ‘power of man over man’.3 British colonies, however, undoubtedly provided workers with useful outlets for employment and supported wages in Britain: ‘Directly and indirectly the British worker was materially involved in, and profiting from, imperialism.’4 ‘This country’s trade, her communications, her military strategy, her very economic structure had all been shaped around her imperial reality.’5 ‘Imperialism, with all its defects, was a form of world order.’6 Labourites were likewise captives of this reality.] http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

Britain and European Monetary Cooperation, 1964–1979Labour and Sterling

Download PDF
19 pages

Loading next page...
 
/lp/springer-journals/britain-and-european-monetary-cooperation-1964-1979-labour-and-5noE0Kk87o

References (6)

Publisher
Palgrave Macmillan UK
Copyright
© The Editor(s) (if applicable) and The Author(s) 2015
ISBN
978-1-137-49141-1
Pages
85 –104
DOI
10.1057/9781137491428_6
Publisher site
See Chapter on Publisher Site

Abstract

[In December 1955, Hugh Gaitskell became the leader of the Labour Party. Some ten months later, Britain, France and Israel launched a military attack on Egypt. With a sterling crisis ensuing from this venture, Suez highlighted the limits to Britain’s military and economic power. It was the twilight of British imperialism.1 Admittedly, British imperialism had set the stage for British socialism: ‘In the days when the socialist movement was growing to maturity, British Imperialism was at its zenith.’2 The Labour Party had established itself as the vanguard of anti-imperialism. Nevertheless, Suez provided Labourites with something of a sense of collapse. The radical wing of the British socialists abhorred imperialism or colonialism, since it was highly suggestive of the ‘power of man over man’.3 British colonies, however, undoubtedly provided workers with useful outlets for employment and supported wages in Britain: ‘Directly and indirectly the British worker was materially involved in, and profiting from, imperialism.’4 ‘This country’s trade, her communications, her military strategy, her very economic structure had all been shaped around her imperial reality.’5 ‘Imperialism, with all its defects, was a form of world order.’6 Labourites were likewise captives of this reality.]

Published: Jan 16, 2016

Keywords: Exchange Rate; Full Employment; Exchange Rate Regime; International Currency; Labour Party

There are no references for this article.