(e) "Margaret Thatcher's 1980s government uprooted things yet again, restoring the laissez-faire tradition (up to a point) but turning its back on the country's manufacturing might. Britain privatised large swathes of its economy, declared 'manufacturing' old hat and gambled its future on services, particularly financial ones. * * * Such radical shifts were made possible because the British are more ideological and less pragmatic than they like to think. Winston Churchill insisted in going back on the gold standard in 1925 despite its putting the real economy on the rack."
(i) Old Hat. The Phrase Finder, undated.
https://www.phrases.org.uk/meanings/old-hat.html
(ii) Winston Churchill was Chancellor of the Exchequer (1924–1929; equivalent to Secretary of Treasury in US) under prime minister Stanley Baldwin (of the same period; of Conservative Party).
(iii) gold standard
(A) "From 1750 to 1870, wars within Europe as well as an ongoing trade deficit with China (which sold to Europe but had little use for European goods) drained silver from the economies of Western Europe and the United States." en.wikipedia.org for "gold standard"
* The Silver Trade, Parts 1 and 2. In Ken Pomeranz and Bin Wong, China and Europe: 1500-2000 and Beyond: What Is 'Modern'? Asia for Educators (AFE), Columbia University, 2004
afe.easia.columbia.edu/chinawh/web/s5/s5_4.html
("One of the kings of Spain, whose image was on the peso during his reign, looked to the Chinese like Buddha, so they referred to this as the 'Fat Buddha' [fail to find Chinese term -- be it 胖 or 肥] coin or the 'Buddha Head' coin")
Ken Pomeranz is a professor of University of Chicago.
Bing Wong (or Roy Bin Wong) 王國斌 (1949- ; BA University of Michigan, MA and PhD from Harvard; professor at UCLA) en.wikipedia.org
Charles IV of Spain
https://en.wikipedia.org/wiki/Charles_IV_of_Spain
(1748 – 1819; reign 1788-1808 (abdication in favor of his son; but that same year Napoleon replaced both with elder brother Joseph Bonaparte as king of Spain) )
* 臺灣雅石文史工作室, 西班牙銀幣又稱「佛頭銀」. 痞客邦, Nov 4, 2008.
http://folkmit.pixnet.net/blog/p ... D%E9%8A%80%E3%80%8D
Charles III of Spain
https://en.wikipedia.org/wiki/Charles_III_of_Spain
(1716 – 1788; reign 1759-1788; father and predecessor of Charles IV of Spain)
* Commodities, Currencies, and Balancing of the Trade Deficit. In A Chronicle of China Trade; The records of Augustine Heard & Co, 1840-1877.
https://www.library.hbs.edu/hc/heard/commodities-currencies.html
("The conflict broke out between the United Kingdom and China in part over the transport and sale of opium by the British from India to China—a trade the Chinese Imperial government forbade. The English, who had vacated Canton, relied on American firms to oversee their transactions. [Augustine] Heard & Co served in this capacity for one of the largest British firms, Jardine, Matheson & Co, and John Heard reported that the relationship brought in huge profits in annual commissions. * * * Many Western traders were not aware that the outflow of silver from China was to cause a serious financial crisis for the Chinese")
Augustine Heard (1785 - 1868 (born and died in Ipswich, Massachusetts); American; father John Heard) en.wikipedia.org.
(B) Small Change; Britain and the gold standard. In Gavin Thompson, Oliver Hawkins, Aliyah Dar and Mark Taylor, Olympic Britain; Social and economic change since the 1908 and 1948 Olympic Games. London: House of Commons Publications, 2012, at page 101.
https://www.parliament.uk/busine ... onomy/small-change/
("The UK was not the only country whose monetary system was based on gold. From 1880-1914, almost all of the world's leading economies had followed suit")
(C) gold standard
https://www.britannica.com/topic/gold-standard
(iii) on the rack:
"Under great stress, as in I was on the rack while I waited for the test results. This expression, alluding to a medieval instrument of torture to which the victim was fastened and stretched, has been used figuratively since the late 1500s." The American Heritage® Dictionary of Idioms by Christine Ammer. Houghton Mifflin Harcourt Publishing Co
"mainly BRITISH If someone is on the rack, they are in a very difficult situation, often one in which they are suffering anxiety or distress" Collins COBUILD Idioms Dictionary. 3rd ed. HarperCollins, 2012.
https://idioms.thefreedictionary.com/on+the+rack
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