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Bankruptcy, Bubbles and Bailouts Aeron Davis

Bankruptcy, Bubbles and Bailouts By Aeron Davis

Bankruptcy, Bubbles and Bailouts by Aeron Davis

Condition - New
10 in stock


This book argues that it is the Treasury, more than any other institution, public or private, which is responsible for socio-economic disparities in the UK, as well as the Brexit paralysis.

Bankruptcy, Bubbles and Bailouts Summary

Bankruptcy, Bubbles and Bailouts: The Inside History of the Treasury Since 1976 by Aeron Davis

The Treasury is one of Britain's oldest, most powerful and secretive institutions, one that has played a central role in shaping the country's economic system. But all too often it has escaped public scrutiny when it comes to investigating the ups and downs of the UK economy.

When portrayed, it is usually as a bedrock of government stability in times of crisis, repeatedly rescuing the nation's finances from the hands of posturing politicians and the combustions of world financial markets. However, there is another side to the story. In between the highs there have been many lows, from botched privatizations to dubious private finance initiatives, from failing to spot the great financial crisis to facilitating ever-growing inequalities.

Davis's book goes behind the scenes to offer an inside history of the Treasury, in the words of the chancellors, advisors and civil servants themselves. It shows the shortcomings as well as the successes, the personalities and the thinking which have shaped Britain's economy since the mid-1970s. Based on interviews with over fifty key figures, it offers a fascinating, alternative insight on how and why the UK economy came to function as it does today, and why reform is long overdue.

Bankruptcy, Bubbles and Bailouts Reviews

'At the heart of British policymaking stands the mighty Treasury, instinctively pro-market, conservative and centralising. Its achievement is to preserve stability and its failure is to stifle innovation. In this superb book, Aeron Davis tells a somewhat depressing story of institutional continuity in the midst of change over half a century. Institutions matter. The example of Her Majesty's Treasury shows how and why.'
Martin Wolf, chief economics commentator at the Financial Times

'Aeron Davis's balanced, historical account of unaccountable, technocratic power is an essential read.'
Ann Pettifor, author and Director of Policy Research in Macroeconomics at PRIME

'Through fascinating and surprisingly candid interviews with those who ran the Treasury over decades, Aeron Davis has put the politics back into UK economics, revealing the personalities and ideologies that have profoundly shaped the nation's most powerful institution and, through it, the whole economy. For anyone seeking to understand and influence UK policymaking - whichever political party is in power - this book is an essential and riveting read.'
Kate Raworth, author of Doughnut Economics

'This is a splendid survey of a key department of state. The Treasury dominates the state machine.'
Will Podmore, Morning Star

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About Aeron Davis

Aeron Davis is Professor of Political Communication at Victoria University of Wellington. He is the author of seven previous books, including Reckless Opportunists: Elites at the End of the Establishment. His work has appeared in the Financial Times, the Daily Telegraph, Times Higher Education, the New Statesman, the Guardian and elsewhere.

Table of Contents

1 Introduction: The Treasury as saviour?
2 Creative destruction and the road to nowhere: A microeconomists' story
3 Financialization not neoliberalism: The City's Trojan Horse enters the Treasury
4 Pseudo-Keynesianism, debt and magic money trees: The financial fixers come to town
5 Visions of Empire and globalisation: Rise of the internationalists
6 The great financial crash and the great failed paradigm shift: A technocrats' tale
7 Austerity, spin, and the road to Brexit: Posh boys take charge
8 Brexit and Covid postscript: Reckless opportunists gain control
9 Conclusions: An institutional perspective on UK economic history

List of interviewees
List of abbreviations

Additional information

Bankruptcy, Bubbles and Bailouts: The Inside History of the Treasury Since 1976 by Aeron Davis
Manchester University Press
Book picture is for illustrative purposes only, actual binding, cover or edition may vary.
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