British Capitalism at the Crossroads, 1919–1932: A Study in Politics, Economics, and International Relations

by Robert W. D. Boyce

• ISBN13: 9780521124973
• ISBN10: 0521124972
• Edition: 1st
• Format: Paperback
• Copyright: 2009-12-10
• Publisher: Cambridge University Press

Summary

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.

Table of Contents

Preface

List of abbreviations

Introduction

The politics of economic internationalism

Crucified on cross of gold

'Normalcy'

Conflict over commerce

The scramble for gold

The second labour government at the Hague

Free trade: the last offensive

The challenge of regionalism

The gold standard undermined

The Austro-German customs union crisis

The collapse of economic internationalism

Conclusion

Notes

Bibliography

Index

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