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Rise and Fall of Alternative Economic Strategy: From the Internationalisation of Capital to Globalisation - Literature review Example

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Rise and fall of Alternative Economic Strategy: From the Internationalization of Capital to Globalization Name Professor Course Date The Alternative Economic Strategy (AES) was developed after the defeat of the Wilson Government in 1970 following a series of deliberations and extensive self-examination within the Labour Party…
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Rise and Fall of Alternative Economic Strategy: From the Internationalisation of Capital to Globalisation
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Download file to see previous pages The AES was to form the frameworks of an economic strategy to be utilized in the future by the left Labour government. The disintegration of the Labour left, particularly after the losing elections in 1983, significantly contributed to the fall of the AES (Callaghan 2000, p. 105). Nonetheless, even before this, advocates and radicals had earlier started to criticise the strategy calling for its major review and modification prior to the Labour party’s elections defeat. The element that several more radical and original contributors and supporters of the strategy voiced these criticisms was an indication of anausterere-evaluation of what the AES would have accomplished in addressing the dynamic circumstances the economy of the country was facing at early 1980’s. They were calling for an adoption of a regional trans-European strategy. Nevertheless, despite the calls for a shift towards a trans-European model were profound, the Labour party did not yield to the pressures. After Harold Wilson took the helm in 1964, the economy was having payment deficits amounting to about ?0.8 billion, and speedy measures were needed on the future of the sterling pound (Callaghan 2000, p. 105). The two options to fix the deficits were either to devalue the currency or to impose a temporary surcharge and quotas on imports. Wilson’s administration adopted the latter in a bid to uphold its promise to maintain the value of the sterling pound. Later, the Wilson government lost elections to the labour party, paving way for numerous reforms, which culminated in the AES in order to address the economic crisis Britain was facing. The AES was originally a creation of the NEC subcommittees although numerous individuals and institutions were later allowed to contribute to the policy. Some of the major contributors included the Labour Coordinating Committee, Tribune MPs, The Conference of Socialist Economist, The Communist Party, Several Trade Unions, And the Cambridge Political Economy Group (Callaghan 2000, p. 108). The AES branded the fundamental problem of the British economy as emanating from low number and quality of investments; some highlighted the low number of investments in the manufacturing industry while others stressed the qualitative side and the association of investment with social relations at the point of production. The AES was aimed at tackling these issues through programs of industrial rejuvenation encompassing a strong and well financed National Enterprise Board and Mandatory Planning Agreements. The AES also stressed the problem of international corporations’ infiltration into the British economy. The developers of the AES believed these international corporations through their activities were the main cause of the British economic crisis, and several proposals of the strategy were directed at addressing this problem. The AES also aimed at imposing import controls. This was for protectionist reasons as well as to increase the state control of trade. It also aimed at boosting the government’s trade talks with other countries on progressive terms. The AES failed, in part, due to opposition from both right and far left radicals and later, criticism from some of its architects. First, there were the arguments that market economics ought to be left to dynamics of the forces of demand and supply since interfering would affect the equilibrium of Pareto principles. The strategy was unrealistic and irrelevant since ...Download file to see next pagesRead More
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