Globalisation before the crash: the City of London and UK economic strategy

The global financial crisis provides an opportune moment to analyse the rise of the City of London financial markets, their role in the globalisation process and an attempt by the Labour Party Left in the 1970s to challenge emerging transnational forces. The USA became the world's 'hegemon...

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Bibliographic Details
Published in:Contemporary politics 2013-09, Vol.19 (3), p.339-360
Main Author: Lambie, George
Format: Article
Language:English
Subjects:
alternative economic strategy
British labour party
Capital market
City of London
Economic Crises
England
Financial crisis
financial markets
globalisation
Globalization
Ideologies
IMF
International political economy
Labor Parties
Labour parties
London, England
Markets
U.S.A
United Kingdom
United States of America
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Summary:The global financial crisis provides an opportune moment to analyse the rise of the City of London financial markets, their role in the globalisation process and an attempt by the Labour Party Left in the 1970s to challenge emerging transnational forces. The USA became the world's 'hegemon' after the Second World War, but London retained its power in finance; well placed to challenge the post-war Keynesian regulatory consensus in favour of globalising interests, theoretically and politically served by the rise of neo-liberal ideology. In response the Labour Party Left devised its radical 'Programme 1973' and subsequently the Alternative Economic Strategy, which in seeking to defend social democracy, understood the necessity to prevent the erosion of national financial controls. The 1976 International Monetary Fund crisis was a defining moment in this battle. This article includes interviews with key contemporary actors and is based in the discipline of International Political Economy.
ISSN:1356-9775
1469-3631
DOI:10.1080/13569775.2013.804155