Bankruptcy, bubbles and bailouts: The inside history of the Treasury since 1976
Oct 2022 · Manchester University Press
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The Treasury is one of Britain’s oldest, most powerful and secretive institutions, one that has played a central role in shaping the country's economic system. But all too often it has escaped public scrutiny when it comes to investigating the ups and downs of the UK economy.
When portrayed, it is usually as a bedrock of government stability in times of crisis, repeatedly rescuing the nation’s finances from the hands of posturing politicians and the combustions of world financial markets. However, there is another side to the story. In between the highs there have been many lows, from botched privatizations to dubious private finance initiatives, from failing to spot the great financial crisis to facilitating ever-growing inequalities.
Davis’s book goes behind the scenes to offer an inside history of the Treasury, in the words of the chancellors, advisors and civil servants themselves. It shows the shortcomings as well as the successes, the personalities and the thinking which have shaped Britain’s economy since the mid-1970s. Based on interviews with over fifty key figures, it offers a fascinating, alternative insight on how and why the UK economy came to function as it does today, and why reform is long overdue.
When portrayed, it is usually as a bedrock of government stability in times of crisis, repeatedly rescuing the nation’s finances from the hands of posturing politicians and the combustions of world financial markets. However, there is another side to the story. In between the highs there have been many lows, from botched privatizations to dubious private finance initiatives, from failing to spot the great financial crisis to facilitating ever-growing inequalities.
Davis’s book goes behind the scenes to offer an inside history of the Treasury, in the words of the chancellors, advisors and civil servants themselves. It shows the shortcomings as well as the successes, the personalities and the thinking which have shaped Britain’s economy since the mid-1970s. Based on interviews with over fifty key figures, it offers a fascinating, alternative insight on how and why the UK economy came to function as it does today, and why reform is long overdue.
The Treasury is one of Britain’s oldest, most powerful and secretive institutions, one that has played a central role in shaping the country's economic system. But all too often it has escaped public scrutiny when it comes to investigating the ups and downs of the UK economy.
When portrayed, it...
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1 review
Phil Waller
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June 18, 2024
Absolutely stunning & equally depressing book If you really want to understand why the country is in such a poor state you have to look no further than this book
About the author
Aeron Davis is Professor of Political Communication at Victoria University of Wellington. He is the author of seven previous books, including Reckless Opportunists: Elites at the End of the Establishment. His work has appeared in the Financial Times, the Daily Telegraph, Times Higher Education, the New Statesman, the Guardian and elsewhere.
Aeron Davis is Professor of Political Communication at Victoria University of Wellington. He is the author of seven previous books, including Reckless Opportunists: Elites at the End of the Establishment. His work has appeared in the Financial Times, the Daily Telegraph, Times Higher Education, t...
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