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Britain and European Monetary Cooperation, 1964–1979The Heath Government and External Economic Policy

Britain and European Monetary Cooperation, 1964–1979: The Heath Government and External Economic... [Many explanations have been advanced for the failure of the Heath government. It seems, however, that both sides — those who denounce the government as a failure and those who view it with some sympathy for its unprecedented plight — agree that Heath’s U-turn from ‘quiet revolution’ to ‘new capitalism’ was largely responsible for its failure. On 22 May 1972, Labour MP Edmund Dell argued in the House of Commons: ‘Our pragmatic Prime Minister, having marched his troops up the hill to laissez-faire and disengagement, is marching down to selective intervention on a massive scale.’1 Harsh critics go so far as to suggest that the Heath government ‘gained neither political, social nor economic benefits from its policy reversals’.2 With Heath’s U-turn coming under fierce criticism from the Conservative Right and deepening the rift within the Conservative Party, the result was a bitter defeat in the election of February 1974.] http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

Britain and European Monetary Cooperation, 1964–1979The Heath Government and External Economic Policy

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References (3)

Publisher
Palgrave Macmillan UK
Copyright
© The Editor(s) (if applicable) and The Author(s) 2015
ISBN
978-1-137-49141-1
Pages
65 –80
DOI
10.1057/9781137491428_4
Publisher site
See Chapter on Publisher Site

Abstract

[Many explanations have been advanced for the failure of the Heath government. It seems, however, that both sides — those who denounce the government as a failure and those who view it with some sympathy for its unprecedented plight — agree that Heath’s U-turn from ‘quiet revolution’ to ‘new capitalism’ was largely responsible for its failure. On 22 May 1972, Labour MP Edmund Dell argued in the House of Commons: ‘Our pragmatic Prime Minister, having marched his troops up the hill to laissez-faire and disengagement, is marching down to selective intervention on a massive scale.’1 Harsh critics go so far as to suggest that the Heath government ‘gained neither political, social nor economic benefits from its policy reversals’.2 With Heath’s U-turn coming under fierce criticism from the Conservative Right and deepening the rift within the Conservative Party, the result was a bitter defeat in the election of February 1974.]

Published: Jan 16, 2016

Keywords: Exchange Rate; Current Account; Monetary Union; Basic Balance; Capital Account

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