'Survival Capitalism': culture, contingency and capital in the making of the 1980s financial revolution

Barrett, Emma S. (2020). 'Survival Capitalism': culture, contingency and capital in the making of the 1980s financial revolution. University of Birmingham. Ph.D.

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Abstract

There is a narrative of inevitability attached to the 1980s financial revolution in the UK, linked to structural global economic shifts and technological change dating from the 1970s, coupled with the rise of New Right ideas, and cemented by the free flow of capital after 1979. This thesis introduces the concept of ‘survival capitalism’ to what is traditionally depicted as a high point in the histories of capitalism. It does so by showing what was at stake for capitalist firms and institutions, and the Government’s preoccupation with what it perceived as an existential threat to the survival of capitalism. Moreover, the Government’s concern with monetary credibility and quest for autonomy when selling government debt affected the stock market mechanism. This meant reforms, more usually associated with the supply side, were in fact significantly impacted by macroeconomic policy. By examining the making of the financial revolution, this thesis privileges people and processes. In so doing, it captures the dynamic and evolutionary nature of change, struggles, alternative possibilities and thus the contingent nature of reforms. It also reveals intent and an institutional awareness of likely outcomes. Furthermore, the Government harnessed exogenous factors to support its domestic agenda, meaning even capital requirements and new technologies played a supporting role, as opposed to being merely catalysts for change. International imperatives were real, but they were mediated at the domestic level. Reconceptualising the financial revolution and the Government’s role sheds fresh light on Thatcherism and neoliberalism. Equally, bringing people and processes to the fore de-mystifies and de-naturalises the ‘inevitable’ march of market forces.

Type of Work:	Thesis (Doctorates > Ph.D.)
Award Type:	Doctorates > Ph.D.
Supervisor(s):	Supervisor(s) Email ORCID Crowson, Nicholas UNSPECIFIED UNSPECIFIED Moores, Chris UNSPECIFIED UNSPECIFIED Francis, Matthew UNSPECIFIED UNSPECIFIED
Licence:	All rights reserved
College/Faculty:	Colleges (2008 onwards) > College of Arts & Law
School or Department:	School of History and Cultures, Department of History
Funders:	Other
Other Funders:	College of Arts and Law, University of Birmingham
Subjects:	D History General and Old World > D History (General) D History General and Old World > D History (General) > D839 Post-war History, 1945 on D History General and Old World > DA Great Britain
URI:	http://etheses.bham.ac.uk/id/eprint/10466

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