The eclipse of 'elegant economy': post-war changes in attitudes to personal finance in Britain
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In Britain, almost all survivors of the Second Word War found themselves in a
stronger and more secure financial position than at its outbreak. Simultaneously they
were confronted by a host of intrusive controls, rationing, shortages and ubiquitous
reminders of conflict. Pride in victory was immense, yet there were few perceivable
signs of reward for sacrifice. The resultant widespread disorientation belied pecuniary
fortune and gave rise to many formidable dilemmas demanding financial decisions.
The solution of a majority was thrift and avoidance of money spending, which cleared
the conscience and provided peace of mind. A substantial minority, often equally
disorientated, followed their natural inclinations to spend freely and benefit from or
enjoy their new-found resources. The latter discovered themselves not only severely
restricted by bare-shelved shops and emergency legislation but by social censure of
conspicuous consumption. The remaining options open to them most commonly
involved expenditure on the intangible and the inconspicuous.
Between 1945 and 1957, as austerity waned and greater opportunities returned for
beneficial employment of private funds, attitudes appeared to evolve from despair into
confidence. But austerity culture, embedded in the national mindset,took much longer
to dispel than is popularly supposed and arguably has never been fully eradicated. The
impact on British life of this gradual change is here highlighted by comparing and
contrasting the relevant history of prior and subsequent periods.
This thesis focuses on theoretical, political and practical influences on all forms of
employment of private means without differentiating between the material and
ethereal, including saving and investment as forms of consumption. Reinterpreting
Britain's transformation from austerity to affluence from the perspective of personal
finance demonstratest hat it is an essential but hitherto ignored factor which adds
significantly to the understanding of social history.
Authors
Cohen, MartinCollections
- Theses [3919]