The two sterling crises of 1964: a reply to Oliver


  • I would like to thank Roger Middleton and the anonymous referees of this journal for their helpful comments.


Oliver's Comment on my recent article challenges my argument that there were two sterling crises in the autumn of 1964. He argues that there was one only and that the Labour government mishandled it. Oliver has, however, reached these conclusions on the basis of a partial reading of the evidence and a failure to grasp how the changing international context imposed constraints on national economic sovereignty.