Michael Oliver on the 1990 “Lawson Conquest” of exchange rates

The paper traces the transition of UK exchange rate management from benign neglect in 1980 through to entry into the ERM in 1990. Utilising Treasury and Bank archives, the paper will highlight the complex relationship between economics, policymaking and politics. Like the ‘Norman Conquest’ of 1925, the ‘Lawson Conquest’ of 1990 illustrates that the search for economic stability is not entirely an economic matter but also a political decision with long-term consequences.

Dr Michael J. Oliver has been working in academia for 35 years and has taught at universities and colleges in the UK, France and the USA. He is currently a Senior Lecturer at the Open University. He has written articles, chapters and books on financial crises, the international monetary system, exchange rate regimes and economic policy. In 2009, he co-founded Global Partnership Family Offices (GPFO), which is a member organization that connects the global family office community and provides them with access to the best resources to help them adapt and thrive.