Aeron Davis
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Financialization not neoliberalism
The City's Trojan Horse enters the Treasury
in Bankruptcy, bubbles and bailouts
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Chapter three argues that one gap-filler was big finance. Successive Thatcherite Chancellors, including Nigel Lawson, John Major and Norman Lamont, as well as several junior ministers, all had pre-political careers in the London’s financial sector. The same can be found when looking into the background of Cecil Parkinson and others who managed the DTI. Thus, when looking for guiding inspiration as to how to usher in the new economy, all these individuals were very much influenced by their prior professional experiences in the City.

Ultimately, many of the nationalised industries were not simply privatized, they were handed over to the control of shareholders in the London Stock Exchange. Likewise, a series of financial regulatory changes, corporate governance reforms and tax shifts, continually benefitted the financial sector at the expense of UK industry. New Labour had their own reasons for continuing the trends. The consequences were a massive expansion of UK finance and an equally rapid contraction of manufacturing.

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Bankruptcy, bubbles and bailouts

The inside history of the Treasury since 1976

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