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Post-war 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 Europe in 1945 to the late-1970s. It ended during the governance of Conservative Party leader Margaret Thatcher. The consensus tolerated or encouraged nationalisation, strong trade unions, heavy regulation, high taxes, and an extensive welfare state. The notion of a post-war consensus covered support for a coherent package of policies that was developed in the 1930s and promised during the Second World War, focused on a mixed economy, Keynesianism, and a broad welfare state. Historians have debated the timing of the weakening and collapse of the consensus, including whether it ended before Thatcherism arrived with the 1979 general election. They also suggest that the notion might not have been as widely supported as some claim, and that the word ' ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Order
An economy is an area of the Production (economics), production, Distribution (economics), distribution and trade, as well as Consumption (economics), consumption of Goods (economics), goods and Service (economics), services. In general, it is defined as a social domain that emphasize the practices, discourses, and material expressions associated with the production, use, and management of resources. A given economy is a set of processes that involves its culture, values, education, technological evolution, history, social organization, political structure, legal systems, and natural resources as main factors. These factors give context, content, and set the conditions and parameters in which an economy functions. In other words, the economic domain is a social domain of interrelated human practices and transactions that does not stand alone. Economic agents can be individuals, businesses, organizations, or governments. Economic transactions occur when two groups or parties agr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Liberal Party (UK)
The Liberal Party was one of the two Major party, major List of political parties in the United Kingdom, political parties in the United Kingdom, along with the Conservative Party (UK), Conservative Party, in the 19th and early 20th centuries. Beginning as an alliance of Whigs (British political party), Whigs, free trade–supporting Peelites, and reformist Radicals (UK), Radicals in the 1850s, by the end of the 19th century, it had formed four governments under William Ewart Gladstone. Despite being divided over the issue of Irish Home Rule, the party returned to government in 1905 and won a landslide victory in the 1906 United Kingdom general election, 1906 general election. Under Prime Minister of the United Kingdom, prime ministers Henry Campbell-Bannerman (1905–1908) and H. H. Asquith (1908–1916), the Liberal Party passed Liberal welfare reforms, reforms that created a basic welfare state. Although Asquith was the Leader of the Liberal Party (UK), party leader, its domin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Clement Attlee
Clement Richard Attlee, 1st Earl Attlee (3 January 18838 October 1967) was a British statesman who was Prime Minister of the United Kingdom from 1945 to 1951 and Leader of the Labour Party (UK), Leader of the Labour Party from 1935 to 1955. Attlee was Deputy Prime Minister of the United Kingdom, Deputy Prime Minister during the Churchill war ministry, wartime coalition government under Winston Churchill, and Leader of the Opposition (United Kingdom), Leader of the Opposition on three occasions: from 1935 to 1940, briefly in 1945 and from 1951 to 1955. He remains the longest serving Labour leader. Attlee was born into an upper middle class family, the son of a wealthy London solicitor. After attending Haileybury College and the University of Oxford, he practised as a Barristers in England and Wales, 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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Labour Party (UK)
The Labour Party, often referred to as Labour, is a List of political parties in the United Kingdom, political party in the United Kingdom that sits on the Centre-left politics, centre-left of the political spectrum. The party has been described as an alliance of social democrats, democratic socialists and trade unionists. It is one of the Two-party system, two dominant political parties in the United Kingdom; the other being the Conservative Party (UK), Conservative Party. Labour has been led by Keir Starmer since 2020 Labour Party leadership election (UK), 2020, who became Prime Minister of the United Kingdom following the 2024 United Kingdom general election, 2024 general election. To date, there have been 12 Labour governments and seven different Labour Prime Ministers – Ramsay MacDonald, MacDonald, Clement Attlee, Attlee, Harold Wilson, Wilson, James Callaghan, Callaghan, Tony Blair, Blair, Gordon Brown, Brown and Starmer. The Labour Party was founded in 1900, having e ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1945 United Kingdom General Election
The 1945 United Kingdom general election took place on Thursday 5 July 1945. With World War II, the Second World War still fresh in voters’ minds, the opposition Labour Party (UK), Labour Party under the leadership of Clement Attlee won a landslide victory with a majority of 146 seats, defeating the incumbent Churchill caretaker ministry, Conservative-led government under Prime Minister Winston Churchill amidst growing concerns by the public over the future of the United Kingdom in the Post-war Britain (1945–1979), post-war period. 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 Churchill war ministry, wartime coalition had been in place since 1940 with the other political parties, but he faced questions from public opinion surrounding the Conservatives' actions in the 1930s and his ability to handle domestic issues unr ... [...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. It resulted in a second (though reduced) landslide victory for the three-party National Government, which was led by Stanley Baldwin of the Conservative Party after the resignation of Ramsay MacDonald due to ill health earlier in the year. It is the most recent British general election to have seen any party or alliance of parties win a majority of the popular vote. As in 1931, the National Government was a coalition of the Conservatives with small breakaway factions of the Labour and Liberal parties, and the group campaigned together under a shared manifesto on a platform of continuing its work addressing the economic crises caused by the Great Depression. The re-elected government was again dominated by the Conservatives, but, while the National Liberals remained relatively stable in terms of vote share and seats, National Labour lost most of its seats—including that of leader Ramsay Mac ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Milton Friedman
Milton Friedman (; July 31, 1912 – November 16, 2006) was an American economist and statistician who received the 1976 Nobel Memorial Prize in Economic Sciences for his research on consumption analysis, monetary history and theory and the complexity of stabilization policy. With George Stigler, Friedman was among the intellectual leaders of the Chicago school of economics, a neoclassical school of economic thought associated with the faculty at the University of Chicago that rejected Keynesianism in favor of monetarism before shifting their focus to new classical macroeconomics in the mid-1970s. Several students, young professors and academics who were recruited or mentored by Friedman at Chicago went on to become leading economists, including Gary Becker, Robert Fogel, and Robert Lucas Jr. Friedman's challenges to what he called "naive Keynesian theory" began with his interpretation of consumption, which tracks how consumers spend. He introduced a theory w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monetarist
Monetarism is a school of thought in monetary economics that emphasizes the role of policy-makers in controlling the amount of money in circulation. It gained prominence in the 1970s, but was mostly abandoned as a direct guidance to monetary policy during the following decade because of the rise of inflation targeting through movements of the official interest rate. The monetarist theory states that variations in the money supply have major influences on 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 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 is mainly associated with ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Post-war Economic Boom
A post-war or postwar period is the interval immediately following the end of a war. The term usually refers to a varying period of time after World War II, which ended in 1945. 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 in the United States 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. Considering the post-war era as equivalent to the Cold War era, post-war sometimes includes the 1980s, putting the end at 26 December 1991, with the dissolution of the Soviet Union. The 1990s and the 21st century are sometimes described as part of the post-war era, but the more specific designation " ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Secondary Banking Crisis Of 1973–1975
The secondary banking crisis of 1973–1975 was a dramatic crash in British property prices that caused dozens of small ("secondary") lending banks to be threatened with bankruptcy. Crisis The secondary banks, like the larger institutions, had been lending heavily based on the previously rising housing prices of the late 1960s and early 1970s, borrowing excessively in relation to the collateral assets. A sudden downturn in house prices and increases in interest rates well before the November 1973 oil crisis left the smaller institutions holding many loans secured by property with lower value than the loans. The Bank of England, led by Jasper Hollom, conducted negotiations resulting in bail-outs of around 30 of the smaller banks and intervened to assist some 30 others. While all of the banks were left able to pay depositors, the Bank of England lost an estimated £100 million. The downturn was exacerbated by the global 1973–74 stock market crash, which hit the UK while it was a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Health Service
The National Health Service (NHS) is the term for the publicly funded health care, publicly funded healthcare systems of the United Kingdom: the National Health Service (England), NHS Scotland, NHS Wales, and Health and Social Care (Northern Ireland) which was created separately and is often referred to locally as "the NHS". The original three systems were established in 1948 (NHS Wales/GIG Cymru was founded in 1969) as part of major social reforms following the Second World War. The founding principles were that services should be comprehensive, universal and free at the point of delivery. Each service provides a comprehensive range of health services, provided without charge for residents of the United Kingdom apart from dental treatment and optical care. In England, NHS patients have to pay prescription charges; some, such as those aged over 60, or those on certain state benefits, are exempt. Taken together, the four services in 2015–16 employed around 1.6 million people ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Keynesian Economics
Keynesian economics ( ; sometimes Keynesianism, named after British economist John Maynard Keynes) are the various macroeconomics, macroeconomic theories and Economic model, models of how aggregate demand (total spending in the economy) strongly influences Output (economics), economic output and inflation. In the Keynesian view, aggregate demand does not necessarily equal the aggregate supply, productive capacity of the economy. It is influenced by a host of factors that sometimes behave erratically and impact production, employment, and inflation. Keynesian economists generally argue that aggregate demand is volatile and unstable and that, consequently, a market economy often experiences inefficient macroeconomic outcomes, including economic recession, recessions when demand is too low and inflation when demand is too high. Further, they argue that these economic fluctuations can be mitigated by economic policy responses coordinated between a government and their central bank. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
