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Making do, rationing and nostalgic austerity

not on a religious faith, as with the Puritans, or on a strict moral code, as with the Victorians, or even on a spirit of self-​discovery such as with Thoreau, but on a new and powerful grounding –​ that of the fight for national survival. The thrift of the British populace during the Second World War is one of the strongest examples of frugality carried out in the national interest. Between 1940 and 1955 rationing was in place in Britain, gradually easing off as more and more products became available again following the end of the war in 1945. It was necessary due

in A brief history of thrift

Systems Ltd (FDSL). Moreover, high interest payments, losses on other businesses and the need to put aside enormous sums for exceptional items in the balance sheet, sapped the lifeblood from Ferranti International, resulting in a litany of asset disposals that made longterm survival increasingly unlikely. In addition to these challenges, one must also add that Ferranti International was facing an extremely difficult marketplace: in the first place, with the end of the Cold War, governments across Western Europe and North America were reassessing their military budgets

in Ferranti: A History
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remarkable that Guerin was able to use ISC as a front for W THE RISE OF ISC 29 his arms dealing that operated under a protective cloak provided by highlevel officials and their political bosses. 2.1 Foundations and growth Born on a New Jersey farm in the 1930s ‘Great Depression’ and educated at Roxbury High School, in Succasunna, New Jersey, James Guerin was initially interested in agriculture, taking a degree in this subject at Rutgers University, New Jersey. After serving in the US Navy during the Korean War, he was retrained as an electronics officer while on

in Ferranti: A History

enhancement of employment and support of the unemployed, with unemployment benefit to be increased gradually to 70% of the minimum wage; the cleaning up of public finances and a ‘war on squander’. The preamble of the programme stated: ‘We shall immediately put into effect a 100-day Plan’, through which ‘we shall thus create the framework for the following necessary step towards green growth, through a radical change of the ways in which we produce wealth’. The mantra regularly propagated by the leader of PASOK, George Papandreou, was ‘there is money’. This announcement was

in The European debt crisis
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Keynes, consumer rights and the new thrifty consumers

:1). The depression continued throughout the 1930s, with devastating impacts in both the United States and abroad, especially Europe, where many countries were still recovering from the First World War. In the United States, at the depth of the depression in the early 1930s, one-​third of the working population were unemployed, resulting in widespread hunger and homelessness (Watkins, 2010). As Smith says, during the Great Depression ‘authorities estimated that between four hundred thousand and two million Americans became transients, people who simply drifted from place

in A brief history of thrift
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Between 1900 and the end of the Second World War in the UK, the term ‘economy’ was used only twice in any winning party’s manifesto, both times to mean frugality. It was not until the 1950 Conservative Party manifesto that it first appeared, just once, in its modern usage. In 1955 it appeared ten times. In the 2015 Conservative Party manifesto, the word ‘economy’ appeared 59 times (see Exhibit 1.1).30 An important point that emerges from the historical record is that the existence of an econocracy requires a modern, Econocracy  15 70 Menons of 'the economy' 60 50 40

in The econocracy

European countries. It is misguided to seek a single cause for these developments. The causes are as complex as they are numerous: backwardness in many sectors; ingrained practices and views; inadequate institutional frameworks; absence of social conscience; degree of adaptation to the modern era; even historic causes, such as the Civil War and the rule of the military junta in Greece. Over five decades from the 1950s, Greece gradually unburdened itself of the plethora of controls and restrictions on economic and social life. And then the EMU brought unprecedented

in The European debt crisis
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econocracy to describe the kind of political system that has spread across much of the world today. An econocracy has all the formal institutions of a r­epresentative Introduction  3 ­ emocracy – like political parties and regular ­elections  – but the d goals politics seeks to achieve are defined in narrow economic terms and decisions are made without significant public oversight. Of course some areas of politics, like war and national security, aren’t justified in terms of their effect on the economy, but the overall trend of reducing politics to economics is clear. It

in The econocracy

and particularly the labour market, greater protection of the basic living standards of workers and more planning than did the system that had come to be called capitalism. It is apparent that the strong performance after the Second World War of the European and American economies surprised many people, and changed attitudes. Unemployment was low. The economic growth rate was high and the lion’s share of the population experienced rising living standards. It was widely recognised that post-war capitalism was structurally different from that of pre-war days in a

in Market relations and the competitive process

long association with the government and the Bank of England, having supplied gold to the Duke of Wellington when it was desperately needed to pay the troops and pay for supplies during the Napoleonic wars, and having rescued the Bank of England in 1825 when it required large supplies of gold for coinage. The bullion brokers (and indeed the City of London as a whole) benefited from the gold rushes in California, Australia, South Africa and the Yukon between 1850 and 1890, followed by the Klondike gold rush in Canada between 1897 and 1899. These five companies, which

in Holding bankers to account