A Labour Prime Minister Inaugurated Britain’s Neoliberal Era

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A Labour Prime Minister Inaugurated Britain’s Neoliberal Era

When Britain’s Labour Party met for its annual conference in September 1976, the government headed by its leader, James Callaghan, was confronting a severe economic crisis. This included the combination of high inflation and unemployment (“stagflation”) and a currency crisis that would, by the end of the year, lead the government to arrange a loan from the International Monetary Fund (IMF). IMF assistance came with t…