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Labour's WarThe Labour Party and the Second World War$
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Stephen Brooke

Print publication date: 1992

Print ISBN-13: 9780198202851

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780198202851.001.0001

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Labour and Economic Policy During the Second World War

Labour and Economic Policy During the Second World War

Chapter:
(p.231) 6 Labour and Economic Policy During the Second World War
Source:
Labour's War
Author(s):

Stephen Brooke

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780198202851.003.0007

This chapter discusses the prevailing economic policy of the Labour Party during the Second World War. Before 1939, nationalization was the dominant aspect of the Labour Party's economic policy; however, during the war, it was apparent that the party was deeply divided on the notion of nationalization as an economic strategy. Wartime innovations in financial policy weakened the case for unlimited nationalization as the basis of a socialist economy. The period also saw the rise of Keynesian values on economic policies and the increasing acceptance of such techniques by the government. The chapter offers a new perspective on the decline of the nationalization movement and the difficulties that assailed within Labour throughout the 1950s. Its focus is on the developments brought about by the war in terms of the nationalization and economic policies of the Labour Party.

Keywords:   economic policy, Second World War, nationalization, economic strategy, financial policy, socialist economy, Keynesian

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