Alternative Economic Strategy
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The Alternative Economic Strategy (AES) is the name of an economic programme proposed by Tony Benn, a dissident member of the British Labour Party, during the 1970s and 1980s.
The
With Britain in economic crisis in October 1976, Benn put forward the AES in Cabinet with the partial support of Peter Shore.[2] He claimed the two courses open to the government were the monetarist, deflationary course recommended by the Treasury and "the protectionist course which is the one I have consistently recommended for two and a half years...protectionism is a perfectly respectable course of action. It is compatible with our strategy. You withdraw behind walls and reconstruct and re-emerge".[3] Benn further said that both courses were a "siege economy" but the difference is that in the monetarist course "you will have the bankers with you and the British people, the trade unions, outside the citadel storming you; with mine it will be the other way round".[3] However the Cabinet rejected the AES (along with two other proposals) on 1/2 December and accepted the terms for a loan from the International Monetary Fund on 12 December.[4]
Notes
References
- Tony Benn, Against the Tide. Diaries 1973-76 (London: Hutchinson, 1989).
Further reading
- Sam Aaronovitch, The Road from Thatcherism: The Alternative Economic Strategy (London: Lawrence & Wishart, 1981).
- Alan Budd, The Politics of Economic Planning (London: Fontana, 1978).
- CSE London Working Group, The Alternative Economic Strategy: A Labour Movement Response to the Economic Crisis (CSE Books, 1980).
- Kathleen Burk and Alec Cairncross, Goodbye, Great Britain: The 1976 IMF Crisis (Yale University Press, 1992).
- Kevin Hickson (13 May 2005). The IMF Crisis of 1976 and British Politics: Keynesian Social Democracy, Monetarism and Economic Liberalism: the 1970s Struggle in British Politics. I.B.Tauris. pp. 14–. ISBN 978-1-85043-725-3.
- Stuart Holland, The Socialist Challenge (London: Quartet Books, 1975).
- Mark Wickham-Jones, Economic Strategy and the Labour Party: Politics and Policy-Making, 1970-83 (London: Palgrave Macmillan, 1996).
External links
- Robert Rowthorn, ‘The Politics of the Alternative Economic Strategy’, Marxism Today (January 1981).