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Anthony Crosland: The Mixed Economy by David Reisman (auth.)

By David Reisman (auth.)

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The most pressing challenge facing Britain in the summer and winter of 1976-77 was in any case not fish and not Africa but the balance of payments. 64 and threatened to fall further, the Government announced the intention of borrowing £2300 million from the International Monetary Fund. November 1967 was back again. The new Prime Minister cannot have failed to appreciate the coincidence. The economic crisis was in the first instance the responsibility of the Prime Minister and the Chancellor of the Exchequer.

82 Pharmaceutical exports to Greece, imported chipboard, the rehousing of the Patent Office and the status of flat glass were evidently not his cup of tea, even if fish fillets and the weather off Iceland were presumably of greater interest to an elective Grimbarian. Once he had settled into his new office, however, Crosland made a conscientious attempt to immerse himself in the dayto-day detail of one of Whitehall's least theory-driven ministries. He also made a determined effort to champion both the consumer welfare that is secured through competitive markets and the consumer welfare that is made possible by economies of scale.

Rowan reports the exchange of views on The Future of Socialism in the following words: 'It is the Anthony Crosland 29 nation's failure to prosper that has led some of Crosland's critics to declare his thesis null and void. He said: "I don't share this view. '112 If one were to re-write it, one would presumably add an economist's explanation of how, precisely, to accelerate the expansion in the national dividend together with, presumably, a philosopher's analysis of how, precisely, to make redistributive justice electorally acceptable in a hard-luck economy that is hibernating in stagnation.

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