Sterling, the 'Minor' Territories, and the End of Formal Empire, 1939-1958

Abstract

postwar reconstruction and decolonization are among the most prominent issues in the study of British history during the two decades after the Second World War, though they are usually placed side by side rather than integrated. The purpose of this article is to consider two of the themes which can be identified in the literature by surveying the financial relations within the sterling area and the empire in particular, and by speculating about the connection between international monetary relations and decolonization.2 The scholarly literature on Britain's postwar imperial policy has recently greatly increased.3 Many authors have concentrated on imperial 'decline' and 'retreat'.4 Others have reinterpreted the I940S in the light of new evidence of continuing imperial 'strength'.' A large portion of the research now available deals with political and constitutional matters, and with the working of the 'official mind'. Parallel to the discussion of decolonization, there exists a substantial amount of work on financial relationships with the empire, specifically the sterling area. However, most of this literature