The battle of the pound : the political economy of Anglo-American relations 1964-1968.
This thesis examines the nature and the extent of American economic power
and influence in the 1960s in the context of the Anglo-American economic
relationship. It also seeks to provide an insight into the workings of 'special
relationship' between Britain and the United States in the economic realm. Finally,
this examination attempts to establish the veracity of new more positive historical
interpretations of the foreign policy of President Lyndon Johnson.
The study argues that American economic power was not waning, as was
previously suggested by some historians. It reveals that the Johnson Administration
was able to use its financial assistance for sterling to extract significant concessions
from the British government in its domestic economic policies. Indeed, the thesis
demonstrates that the United States played a significant role in the formulation of
British economic policy. The existence of transgovernmental networks between
actors and agencies were instrumental in enabling the Johnson Administration to
influence the policies of the British government. Moreover, this study contends that
many of the most important decisions of the Labour government relating to monetary
policy and the sterling exchange rate were influenced by considerations for the views
of the United States. It concludes that the 'special relationship' was determined not
by sentiment or shared culture, but largely by community of interest. Finally, the
thesis concurs in and further develops the emerging positive revisionist interpretation
of the European policy of President Johnson.