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The IMF Crisis of 1976 - Professor Vernon Bogdanor

Professor Bogdanor explains how a loan ended the post-war consensus and drove the Labour Party from Government until the 90s: http://www.gresham.ac.uk/lectures-and... In 1976, the Labour government sought a loan from the International Monetary Fund to meet deteriorating economic conditions. The Fund demanded large cuts in public spending. After a bitter Cabinet battle, the Cabinet agreed, so ending plans to expand the economy and improve the social services. Many believed that 1976 was also a crisis for democratic socialism, a philosophy which had sought social improvement through economic growth. That philosophy now appeared irrelevant during a period of austerity. The transcript and downloadable versions of the lecture are available from the Gresham College website: http://www.gresham.ac.uk/lectures-and... Gresham College has offered free public lectures for over 400 years, thanks to the generosity of our supporters. There are currently over 2,500 lectures free to access. We believe that everyone should have the opportunity to learn from some of the greatest minds. To support Gresham's mission, please consider making a donation: https://gresham.ac.uk/support/

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