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Title: The political economy of fiscal mobilisation and management of sterling, from 1958 to 1972
Author: Dobashi, Yasuto
ISNI:       0000 0004 8500 3736
Awarding Body: King's College London
Current Institution: King's College London (University of London)
Date of Award: 2019
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This thesis will explore and elucidate how Britain managed sterling through mobilisation of monetary and fiscal measures, focusing on the period from 1958 to 1972. This thesis will also provide an examination of Anglo-American monetary and fiscal policy co-ordination from the British perspective, in the context of currency management, in order to explore the political economic dynamics of the period. The late 1950s saw the beginnings of a turbulent decade in which the post- World War II economic regime, the so-called Bretton Woods system, became destabilised. The gold outflow from the United States that emerged in 1958 was detrimental to the dominant position of the dollar. Perennial crises befell sterling, in turn causing profound repercussions within the international market, resonating throughout world politics. Cohesive response to defend the existing economic structure ensued and the international financial community set out to forge and strengthen various schemes and countermeasures, the primary aim of which was to stabilise the value of the two reserve currencies without hampering economic growth. Countermeasures emerged which consisted of monetary policies including direct and indirect market intervention, targeted fiscal policies, and regulation on capital movement. The economic issues and attempts at stabilisation of the currencies caused reverberations through domestic politics and international relations. Through analysis of currency management and monetary and fiscal policies, this thesis uses archival sources to explore and clarify how sterling was managed in the period between 1958 and 1972, focusing mainly on the British perspective. This thesis delineates the link between the co-ordination of monetary and fiscal policies as a defining feature of the management of sterling. This thesis also explores ways of comprehending theoretical positions and arguments of international political economy and state theory, through the comparison of these theories with economic and political history.
Supervisor: Kandiah, Michael David Sponsor: Not available
Qualification Name: Thesis (Ph.D.) Qualification Level: Doctoral
EThOS ID:  DOI: Not available