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From Prices and Incomes Policy to Sado-Monetarism?

In: Conservative Economic Policymaking and the Birth of Thatcherism, 1964–1979

Author

Listed:
  • Adrian Williamson

    (Trinity Hall)

Abstract

Prices and Incomes Policy was once a key tool of British economic management. Thus, in 1966, one could find William Brown, fresh from Oxford, engaged at Labour’s new National Board for Prices and Incomes (NBPI) in a ‘very British attempt at trying to deal with a rather bewildering problem, by actually going out and finding evidence’.1 By 1973, that great Tory fixture Arthur Cockfield was complaining to Heath that his extensive powers at the Price Commission were still not strong enough.2 In any conventional reading, Prices and Incomes Policy would surely be a central plank in the post-war settlement. It combined the belief (or illusion) that governments could manage the economy with the imperative of doing so in conjunction with the trade unions. It also represented, at least tacitly, an attempt to direct the economy in a way compatible with equitable outcomes, in particular full employment: inflationary pressures were to be controlled so as to avoid placing strain on the goal of full employment.

Suggested Citation

  • Adrian Williamson, 2015. "From Prices and Incomes Policy to Sado-Monetarism?," Palgrave Studies in the History of Finance, in: Conservative Economic Policymaking and the Birth of Thatcherism, 1964–1979, chapter 4, pages 89-125, Palgrave Macmillan.
    • Handle: RePEc:pal:psitcp:978-1-137-46026-4_4
    DOI: 10.1057/9781137460264_4
    as

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