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SUMMARY:'The Political Economy of Competition and Credit Control' - Mr Dun
 can Needham\, Cambridge History Faculty and Trinity Hall
DTSTART:20091116T170000Z
DTEND:20091116T190000Z
UID:TALK20746@talks.cam.ac.uk
CONTACT:D'Maris Coffman
DESCRIPTION:Competition and Credit Control was a new framework for monetar
 y policy introduced in the UK in 1971. It was an attempt by the monetary a
 uthorities to replace the post-war system of credit 'rationing by control'
  with credit 'rationing by cost' through more active use of interest rates
 . The policy was devised by the Bank of England and imposed on an apparent
 ly reluctant Treasury. This paper examines the practical and ideological r
 easons for change within the Bank and how Bank officials were able to win 
 over their counterparts in Whitehall. The policy was a spectacular failure
 . When it was de facto abandoned in December 1973\, the money supply had g
 rown by 62 percent and Britain was enduring its worst banking crisis for o
 ver a century. This paper will examine the reasons for that failure and di
 scuss some of the long-term political and economic consequences. As such\,
  it will situate Competition and Credit Control in the ideological sea-cha
 nge from post-war Keynesianism to the 'practical monetarism' of the Callag
 han government and the 'sado-monetarism' of the first Thatcher administrat
 ion.\n\n**Please note\, this seminar as been moved to the Sidgwick Dining 
 Room in order to accommodate larger audiences.
LOCATION:Sidgwick Hall (or Old Dining Room)\, Newnham College
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