British Capitalism at the Crossroads, 1919-1932: A Study in by Robert W. D. Boyce

By Robert W. D. Boyce

Within the aftermath of the 1st international conflict British politics have been subordinated to the aim of reconstructing a multilateral exchange and funds method. This choice needs to be understood because the results of the odd constitution of British capitalism in which mercantile and fiscal task instead of production supplied the middle of wealth of the dominant neighborhood. For a decade, Britain made a sign contribution to the recovery of multilateralism. With the area at a turning-point in 1928, British coverage remained devoted to reform via multilateral motion, relatively as soon as the Labour celebration resumed place of work. however the useful influence of coverage used to be the other of that meant. Dogmatic competition to all second-best possible choices helped force all nations, Britain integrated, clear of internationalism in the direction of a slim nationalism and financial protectionism. The account leads to 1932 while Britain embarked upon an energetic imperial coverage whereas the remainder of the area headed in the direction of one other warfare. utilizing quite a lot of basic resources, the writer offers an account which integrates the industrial, political and diplomatic occasions of the interval.

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Additional resources for British Capitalism at the Crossroads, 1919-1932: A Study in Politics, Economics, and International Relations

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46 After the war he served as secretary of the Second International (renamed the Labour and Socialist International in 1923). But though he used the language of socialism when the occasion demanded, it meant little more to him than the brotherhood of working men. Socialism was internationalism and free trade. 4 million votes for Labour at the general election in December 1918 - up from 400,000 in 1910 - confirmed that the party had become a force in national politics. Yet in an important sense the party added nothing to the political strength of the industrial community; rather the contrary.

R. Clynes was representative of one sort of trade unionist in politics. Born in Oldham, Lancashire, he had risen through sheer hard work from the shop floor of a local cotton mill to the presidency of the giant General and Municipal Workers' Union. Briefly, until MacDonald reentered Parliament in 1922, he was leader of the Parliamentary Party. A loyal member and able debater, he was however a colourless figure, whose outlook remained bounded by his working experience. He was prepared to confront questions of reform at the factory or industry level.

The first head of the League Economic and Financial Section was the former Cambridge economist, Walter Layton, and following him, Sir Arthur Salter. 85 With his help the Financial Committee, set up in 1920, was largely dominated by its British members, and with occasional help from Layton he also saw to it that the Economic Committee, which began work when the major European currencies were restabilised, vigorously promoted internationalist policies. British involvement in League affairs was mainly intended to secure foreign support for internationalist policies, but the promise of effective results through the League also helped to sustain internationalism at home.

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