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Extra info for Governance, The State, Regulation and Industrial Relations (Routledge Explorations in Economic History)

Example text

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Regulation and the post-war order 35 Any attempt to restructure the manufacturing sector along the lines of US industry would have significantly reduced industrial output. Equally, it would have denied sterling area and empire economies export markets for food and raw materials and stalled the domestic modernization programme. 5). It seems implausible that the UK could have replaced these expon markets in the short term. Although the USA guaranteed sterling balances, it was necessary for the UK to trade with the sterling area in order to retain confidence in sterling as a reserve and settlement currency.

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