The IMF Crisis of 1976 - Professor Vernon Bogdanor

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Professor Bogdanor explains how a loan ended the post-war consensus and drove the Labour Party from Government until the 90s: www.gresham.ac.uk/lectures-and...
In 1976, the Labour government sought a loan from the International Monetary Fund to meet deteriorating economic conditions. The Fund demanded large cuts in public spending. After a bitter Cabinet battle, the Cabinet agreed, so ending plans to expand the economy and improve the social services. Many believed that 1976 was also a crisis for democratic socialism, a philosophy which had sought social improvement through economic growth. That philosophy now appeared irrelevant during a period of austerity.
The transcript and downloadable versions of the lecture are available from the Gresham College website: www.gresham.ac.uk/lectures-and...
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Пікірлер: 23

@VikasNiranjanBellary 8 жыл бұрын

I could listen to Professor Bogdanor all day.

@sacredsoma 4 жыл бұрын

so true, he covers so much, with such ease and cool flow

@johncmullen1960 7 жыл бұрын

Solidly establishment, but fair-minded and well-informed.

@tubularbill 7 жыл бұрын

Excellent analysis. This might be the best of the lot. The Professor has produced another gem.

@erickleefeld4883 3 жыл бұрын

When Tony Benn circulated the minutes from the MacDonald Cabinet, somebody should’ve responded by circulating some copies of his Alternative Economic Strategy, paper-clipped to copies of the Mosley Memorandum.

@vkmacro919 7 жыл бұрын

Fantastic.

@RonJohn63 7 жыл бұрын

19:00 Decades of such loans are exactly what has kept the US standard of living so high. He's right that they can't go on forever... 26:44 British equivalent of the US "Welfare Queen"?

@Eric-ye5yz 5 жыл бұрын

Alas we are dependant on an international Market Place, a market place that is nervous and jittery, and is likely to do anything based on a rumour. Doesn't that sound like a very risky position ?

@chrislambert1617 5 жыл бұрын

Why doesnt He just say they spent more than they earned therefore they did not balance the Books

@dewittbourchier7169 5 жыл бұрын

Because Labour actually slashed real expenditure and managed to improve the balance of payments.

@th8257 5 жыл бұрын

It turned out that the forecasts were completely wrong - the forecasts for the Public Sector Borrowing Requirement were hugely overestimated. If the government and the markets has known that the forecasts were so wrong then there would probably have been no need to go to the IMF.

@aidenfanning1009 3 жыл бұрын

thats what i like aiden

@ruairidhirwin1767 4 жыл бұрын

Britain suffers from an ingrained bias in media and society towards the establishment, to the detriment of effective policy-making, the disenfranchised and ultimately all but an ever-shrinking elite

@vkmacro919 7 жыл бұрын

So many comparisons to Corbyn.

@chrislambert1617 5 жыл бұрын

Corbyn is like Tony Benn and Michael Foot these opposed Denis Healy

@th8257 5 жыл бұрын

@@chrislambert1617 Yup. And Corbyn is as detached from reality as Tony Benn and Michael Foot were.