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By David Reisman (auth.)

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The experience of going back on a solemn promise not to devalue, of betraying the trust of the Overseas Sterling Area that had banked its reserves in pounds, of playing the fixed-rate game and then appearing to cheat, of providing an opportunity for foreign speculators to make money through selling sterling short, must inevitably have left its mark on all who were involved. It is bound to have contributed significantly to Wilson's subsequent conversion to the proposition that the pound must be kept out of politics.

New universities were being constructed, austerity was in the air; and the Secretary of State may not in the event have been actualising a meritocratic ideal in the binary system so much as bowing before the inevitability of the second best. In the reshuffle of summer 1967 Crosland was made President of the Board of Trade. Although an economics portfolio and as such a small step in the direction of the Chancellorship, he appears not to have welcomed the new challenge with open arms. '82 Pharmaceutical exports to Greece, imported chipboard, the rehousing of the Patent Office and the status of flat glass were evidently not his cup of tea, even if fish fillets and the weather off Iceland were presumably of greater interest to an elective Grimbarian.

Its principal and most permanent contribution was the successful negotiation of Britain's entry into the European Communities that finally occurred on 1 January 1973. Harold Wilson, once again Prime Minister, created his Cabinet. Anthony Crosland was asked to remain with the portfolio he had shadowed, serving as Secretary of State at the Department of the Environment from March 1974 to April 1976. The regulatory influence that Crosland exercised over controlled capitalism in this capacity (as in his earlier and shorter attachment at Local Government) provides a useful insight into the constructive symbiosis between market and State that he wished as an intellectual in politics effectively to bring about.

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