Abstract
This chapter centres on the General Strike of 1926 and the Great Slump of 1931. This period covers Labour’s in the inter-war period. Although now the second-largest party within British politics, Labour had not yet developed a meaningful economic strategy. The General Strike demonstrated that the trade unions, although holding the potential to orchestrate revolutionary actions, lacked revolutionary goals. The Great Slump further demonstrated the difficulties in achieving socialist goals. Labour’s lack of economic understanding meant that when faced with a capitalist crisis, the party was unable to challenge economic orthodoxies and introduce socialist measures. The prospect of austerity measures generated a split within the party and a dramatic end to the second Labour government as key ministers left to form a national government with Conservative support. The split encouraged the party to think more holistically about its economic policy and develop plans surrounding nationalisation.
Published Version
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