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Twentieth Century British History 2000 11(4):409-430; doi:10.1093/tcbh/11.4.409
© 2000 by Oxford University Press
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ARTICLES

The Treasury Resignations of 1958: a Reconsideration*

E. H. H. GREEN

Magdalen College Oxford

This essay re-examines the resignation of the Conservative Treasury Ministers in January 1958. It focuses on the political economy of both party and official discussion of inflation, and pays particular attention to the issue of whether the debate In 1957-8 witnessed a dispute between ‘monetarists’ and ‘Keynesians’. it shows that the Chancellor, Thorneycroft, and other Conservatives, including Macmillan, saw the contribution of the monetary system to inflation in terms of inadequate government control over the banking system and private credit as much as in terms of the level of public expenditure. It concludes that the theoretical and policy assumptions underpinning the 1957–8 debate have no direct link with, and did not anticipate, Thatcherite ideas, but that there was an indirect link in terms of shared perceptions of the social politics of inflation.

* I would like to express my thanks to the Minda de Gunzberg Center for European Studies. Harvard University for appointing me to a Visiting Scholarship during my sabbatical in the autumn of 1997, during which time this article was written.


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