The Research On The Economic Policy Of Churchill Government After World War Ⅱ

After the Second World War passed, the world economic situation had changedsignificantly and macro economy had formed. The economy of Britain began torecover through the economic construction of Attlee’s Labor government in the earlypostwar period. What’s more, Attlee’s Labor government had implemented thelarge-scale nationalization and seted up a comprehensive social welfare system.Meanwhile, The Conservative Party which had a failure in the election had a positivepolicy adjustment, it led to a result that the two parties reached certain consensus onthe policy. The Churchill’s Conservative government came into power in1951.As theconservative’s first government under the new economic situation in the postwarperiod, it had taken the mixed economic policy. Moreover, it led to the innovation andthe change of Britain’s economic policy and made some contribution to the benigndevelopment of the Britain’s economy and eventually the long-term policy consensusof the Britain’s two parties. Under the leadership of the government of Churchill,Britain’s economy achieved good performance, such as a marked drop inunemployment, the government had curbed the inflation, an improvement in thebalance of payments, the Britain’s economy began to recover and develop rapidly,Last but not least, It laid the foundation for Conservative coming into power for13years in a row.The Britain’s economic policy in the postwar period always is the focus ofdomestic academic research, but there is less project introduction about the economicpolicy of this administration, it always focuses on some aspects about military anddiplomacy. However, this administration has an important status in the economichistory in Britain, so in terms of the importance and the less study about thisadministration, this paper aims to discuss in detail about Britain’s economic situation,macroeconomic policy, microeconomic policy in the postwar period from1951to1955, and tries to give a historical position and evaluation about this administration.Moreover, the paper tries to show the readers the development situation of the Britisheconomic policy at this stage and hope to acquire some experience and lesson from the losses and gains of the economic policy.This paper consists of six parts and it is about a total of five chapters. Thepreface of it mainly discusses the reason and significance of writing this paper anddomestic and overseas research summary.The first chapter mainly introduces the economic situations faced by Churchill’sConservative government before which came into power. Before Churchill’sConservative government came into power, it faced many different economicproblems, mainly includes the balance of payments problems, excess demand of labor,unemployment, inflation, wage inflation, rearmament and so on.The second chapter mainly discusses economic guiding ideology of thisadministrator’s making economic policy. It mainly includes Keynesianism,Fabianism and neo-conservatism. These three parts did effort on the process of theChurchill government making economic policy. Besides, this chapter also introducesthe “political and economic consensus” in the period.The third chapter largely introduces macroeconomic policy which includes fiscaland monetary policy. In the aspect of discussing the macroeconomic policy, thischapter focuses on discussing the process of making policy, the effect of the economicpolicy and summarizes specific features of economic policy through introducing thefiscal and monetary policy of this administration.The fourth chapter mainly discusses the microeconomic policy of thisadministration and focuses on the following phases: policy of nationalization, socialwelfare policy and decontrol policy.The fifth chapter aims to discuss, evaluate and conclude the features of economicpolicy of Churchill’s government. The major method to do that is comparing theeconomic policy of Churchill’s Conservative government with the economic policy ofAttlee’s labor government. The most important criterion of evaluate it is referring towhether Churchill’s Conservative government solved the economic problems or notand the effect to the economic policy of the succession Conservative government.