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Financial Repression

In: Monetary Policy and Financial Repression in Britain, 1951–59

Author

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  • William A. Allen

    (Cass Business School)

Abstract

Labour’s comprehensive electoral victory of 1945 brought into office many people who thought that official controls were a better method of allocating economic resources, both real and financial, than the price mechanism. Gaitskell’s views on the allocation of credit are a case in point (see Chapter 2). But many controls, particularly over non-financial items, became unpopular. Particularly after the change of government in 1951, controls came to be regarded as regrettable necessities rather than as intrinsically desirable, and were justified on pragmatic rather than principled grounds.

Suggested Citation

  • William A. Allen, 2014. "Financial Repression," Palgrave Studies in Economic History, in: Monetary Policy and Financial Repression in Britain, 1951–59, chapter 14, pages 181-193, Palgrave Macmillan.
    • Handle: RePEc:pal:palscp:978-1-137-38382-2_14
    DOI: 10.1057/9781137383822_14
    as

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