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Post-war Keynesian Consensus
The post-war consensus, sometimes called the post-war compromise, was the economic order and social model of which the major political parties in post-war Britain shared a consensus supporting view, from the end of World War II in 1945 to the late-1970s. It was abandoned by Conservative Party leader Margaret Thatcher. Majorities in both parties agreed upon it. The consensus tolerated or encouraged nationalisation, strong trade unions, heavy regulation, high taxes, and a generous welfare state. There was a widespread consensus that covered support for a coherent package of policies that were developed in the 1930s and promised during the Second World War, focused on a mixed economy, Keynesianism, and a broad welfare state. In recent years, historians have debated the timing of the weakening and collapse of the consensus, including whether it ended before Thatcherism arrived in 1979. There has also been debate as to whether a postwar consensus actually existed. Origins ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic System
An economic system, or economic order, is a system of Production (economics), production, resource allocation and Distribution (economics), distribution of goods and services within a society or a given geographic area. It includes the combination of the various institutions, agencies, entities, decision-making processes, and patterns of Consumer, consumption that comprise the economic structure of a given community. An economic system is a type of social system. The mode of production is a related concept. All economic systems must confront and solve the four fundamental economic problems: * What kinds and quantities of goods shall be produced: This fundamental economic problem is anchored on the theory of pricing. The theory of pricing, in this context, has to do with the economic decision-making between the production of capital goods and consumer goods in the economy in the face of scarce resources. In this regard, the critical evaluation of the needs of the society based on ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
William Beveridge
William Henry Beveridge, 1st Baron Beveridge, (5 March 1879 – 16 March 1963) was a British economist and Liberal politician who was a progressive and social reformer who played a central role in designing the British welfare state. His 1942 report ''Social Insurance and Allied Services'' (known as the Beveridge Report) served as the basis for the welfare state put in place by the Labour government elected in 1945. He built his career as an expert on unemployment insurance. He served on the Board of Trade as Director of the newly created labour exchanges, and later as Permanent Secretary of the Ministry of Food. He was Director of the London School of Economics and Political Science from 1919 until 1937, when he was elected Master of University College, Oxford. Beveridge published widely on unemployment and social security, his most notable works being: ''Unemployment: A Problem of Industry'' (1909), ''Planning Under Socialism'' (1936), ''Full Employment in a Free Societ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Education Act 1944
The Education Act 1944 (7 and 8 Geo 6 c. 31) made major changes in the provision and governance of secondary schools in England and Wales. It is also known as the "Butler Act" after the President of the Board of Education, R. A. Butler. Historians consider it a "triumph for progressive reform," and it became a core element of the post-war consensus supported by all major parties. The Act was repealed in steps with the last parts repealed in 1996. Background The basis of the 1944 Education Act was a memorandum entitled ''Education After the War'' (commonly referred to as the " green book") which was compiled by Board of Education officials and distributed to selected recipients in June 1941. The President of the Board of Education at that time was Butler's predecessor, Herwald Ramsbotham; Butler succeeded him on 20 July 1941. The Green Book formed the basis of the 1943 White Paper, ''Educational Reconstruction'' which was itself used to formulate the 1944 Act. The purpose of the Act ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Winston Churchill
Sir Winston Leonard Spencer Churchill (30 November 187424 January 1965) was a British statesman, soldier, and writer who served as Prime Minister of the United Kingdom twice, from 1940 to 1945 Winston Churchill in the Second World War, during the Second World War, and again from 1951 to 1955. Apart from two years between 1922 and 1924, he was a Member of Parliament (United Kingdom), Member of Parliament (MP) from 1900 to 1964 and represented a total of five UK Parliament constituency, constituencies. Ideologically an Economic liberalism, economic liberal and British Empire, imperialist, he was for most of his career a member of the Conservative Party (UK), Conservative Party, which he led from 1940 to 1955. He was a member of the Liberal Party (UK), Liberal Party from 1904 to 1924. Of mixed English and American parentage, Churchill was born in Oxfordshire to Spencer family, a wealthy, aristocratic family. He joined the British Army in 1895 and saw action in British Raj, Br ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Full Employment
Full employment is a situation in which there is no cyclical or unemployment#Cyclical unemployment, deficient-demand unemployment. Full employment does not entail the disappearance of all unemployment, as other kinds of unemployment, namely Structural unemployment, structural and Frictional unemployment, frictional, may remain. For instance, workers who are "between jobs" for short periods of time as they search for better employment are not counted against full employment, as such unemployment is frictional rather than cyclical. An economy with full employment might also have unemployment or underemployment where part-time workers cannot find jobs appropriate to their skill level, as such unemployment is considered structural rather than cyclical. Full employment marks the point past which expansionary fiscal and/or monetary policy cannot reduce unemployment any further without causing inflation. Some economists define full employment somewhat differently, as the unemployment rate ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Industrial Charter
''The Industrial Charter: A Statement of Conservative Industrial Policy'' was a 1947 pamphlet and policy statement by the United Kingdom Conservative Party. The ''Charter'' is widely regarded as representing a seminal moment in the history of post war Conservatism as the party reconciled itself with many of the economic and social policies introduced by Clement Attlee's Labour government following the 1945 United Kingdom general election. History The ''Charter'' was first published in May 1947. It was the outcome of a process of rethinking brought about by the Conservative's landslide defeat in the 1945 United Kingdom general election. This process had begun a year earlier when the party's newly extended Research Department began work on defining a policy that was both Conservative and progressive. The policy statement was accepted on 2 October 1947 at the Conservative's Annual Conference being held in Brighton. Content The ''Industrial Charter'' was a collection of distinct e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Clement Attlee
Clement Richard Attlee, 1st Earl Attlee, (3 January 18838 October 1967) was a British politician who served as Prime Minister of the United Kingdom from 1945 to 1951 and Leader of the Labour Party from 1935 to 1955. He was Deputy Prime Minister during the wartime coalition government under Winston Churchill, and served twice as Leader of the Opposition from 1935 to 1940 and from 1951 to 1955. Attlee remains the longest serving Labour leader. Attlee was born into an upper-middle-class family, the son of a wealthy London solicitor. After attending the public school Haileybury College and the University of Oxford, he practised as a barrister. The volunteer work he carried out in London's East End exposed him to poverty, and his political views shifted leftwards thereafter. He joined the Independent Labour Party, gave up his legal career, and began lecturing at the London School of Economics. His work was interrupted by service as an officer in the First World War. In 1919, he ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Labour Party (UK)
The Labour Party is a political party in the United Kingdom that has been described as an alliance of social democrats, democratic socialists and trade unionists. The Labour Party sits on the centre-left of the political spectrum. In all general elections since 1922, Labour has been either the governing party or the Official Opposition. There have been six Labour prime ministers and thirteen Labour ministries. The party holds the annual Labour Party Conference, at which party policy is formulated. The party was founded in 1900, having grown out of the trade union movement and socialist parties of the 19th century. It overtook the Liberal Party to become the main opposition to the Conservative Party in the early 1920s, forming two minority governments under Ramsay MacDonald in the 1920s and early 1930s. Labour served in the wartime coalition of 1940–1945, after which Clement Attlee's Labour government established the National Health Service and expanded the welfa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1945 United Kingdom General Election
The 1945 United Kingdom general election was a national election held on 5 July 1945, but polling in some constituencies was delayed by some days, and the counting of votes was delayed until 26 July to provide time for overseas votes to be brought to Britain. The governing Conservative Party sought to maintain its position in Parliament but faced challenges from public opinion about the future of the United Kingdom in the post-war period. British Prime Minister Winston Churchill proposed to call for a general election in Parliament, which passed with a majority vote less than two months after the conclusion of the Second World War in Europe. The election's campaigning was focused on leadership of the country and its postwar future. Churchill sought to use his wartime popularity as part of his campaign to keep the Conservatives in power after a wartime coalition had been in place since 1940 with the other political parties, but he faced questions from public opinion surrounding ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1935 United Kingdom General Election
The 1935 United Kingdom general election was held on Thursday 14 November 1935 and resulted in a large, albeit reduced, majority for the National Government now led by Stanley Baldwin of the Conservative Party. The greatest number of members, as before, were Conservatives, while the National Liberal vote held steady. The much smaller National Labour vote also held steady but the resurgence in the main Labour vote caused over a third of their MPs, including National Labour leader Ramsay MacDonald, to lose their seats. Labour, under what was then regarded internally as the caretaker leadership of Clement Attlee following the resignation of George Lansbury slightly over a month before, made large gains over their very poor showing at the 1931 general election, and saw their highest share of the vote yet. They made a net gain of over a hundred seats, thus reversing much of the ground lost in 1931. The Liberals continued a slow political decline, with their leader, Sir Herbert ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monetarism
Monetarism is a school of thought in monetary economics that emphasizes the role of governments in controlling the amount of money in circulation. Monetarist theory asserts that variations in the money supply have major influences on measures of national income and output, national output in the short run and on price levels over longer periods. Monetarists assert that the objectives of monetary policy are best met by targeting the growth rate of the money supply rather than by engaging in discretionary policy, discretionary monetary policy.Phillip Cagan, 1987. "Monetarism", ''The New Palgrave: A Dictionary of Economics'', v. 3, Reprinted in John Eatwell et al. (1989), ''Money: The New Palgrave'', pp. 195–205, 492–97. Monetarism is commonly associated with neoliberalism. Monetarism today is mainly associated with the work of Milton Friedman, who was among the generation of economists to reject Keynesian economics and criticise Keynes's theory of fighting economic downturns ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Post-war Economic Boom
In Western usage, the phrase post-war era (or postwar era) usually refers to the time since the end of World War II. More broadly, a post-war period (or postwar period) is the interval immediately following the end of a war. A post-war period can become an interwar period or interbellum, when a war between the same parties resumes at a later date (such as the period between World War I and World War II). By contrast, a post-war period marks the cessation of armed conflict entirely. Post–World War II Chronology of the post–World War II era The term "post-war" can have different meanings in different countries and refer to a period determined by local considerations based on the effect of the war there. Some examples of post-war events are (in chronological order) ;The Cold War (1947–1991) The Cold War was a geopolitical conflict between the capitalist and liberal democratic United States of America, the authoritarian and Communist Marxist–Leninist Union of Soviet Soc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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