Author Description
This book provides the first comprehensive and authoritative account of the events leading up to the UK seeking a massive loan from the IMF in 1976 which almost precipitated a financial crisis on a par with those of the 1930's and early post war period. Sir Douglas Wass, who was permanent Secretary to the Treasury at the time, provides a unique first hand account of the events that took place as the crisis unfolded and the decision-making process. Bringing unrivalled experience and knowledge of Whitehall to the narrative, he draws on recently released documents such as official Treasury minutes, memoranda, official statements and reports, IMF documents and blends them with his own assessment of this key period of policy making to provide a fascinating, blow-by-blow account of how the Treasury reacted when faced with a series of inter-locking crises. Decline to Fall will be a must read for anyone interested in the formulation of policy and the workings of government.
Menrva's Summary
THE THESIS
This book investigates the internal decision-making processes and economic pressures that led the United Kingdom to seek a massive emergency loan from the International Monetary Fund in 1976. Sir Douglas Wass, who served as the Permanent Secretary to the Treasury during this period, utilizes his direct involvement and access to high-level government archives to reconstruct the crisis. He argues that the event was a pivotal moment in British macroeconomic policy, illustrating the limitations of government control when faced with global financial instability and domestic economic decline.
THE SCOPE MAP
What You Will Find
- Detailed analysis of the 1976 IMF loan negotiations and the preceding economic instability.
- Examination of Treasury minutes, internal memoranda, and official government reports from the mid-1970s.
- First-hand perspective on the administrative and political challenges faced by Whitehall officials.
Scope Limits
- The text focuses primarily on the Treasury's internal perspective rather than broader social or cultural impacts of the crisis.
- It does not provide a comprehensive history of the entire decade, concentrating specifically on the events surrounding the 1976 financial emergency.
THE AUTHORITY PERSPECTIVE
Experts recognize this work as a primary source document due to the author's unique position within the Treasury during the crisis. Readers frequently note the technical density of the prose, which provides a rigorous look at the mechanics of British economic governance.
Page Count:
401
Publication Date:
2008-01-01
Publisher:
OUP Oxford
ISBN-10:
0191608947
ISBN-13:
9780191608940
History
Economics
Economics history
Government Policy
Macroeconomics
British History