The Treasury As Developer-Capitalist? British New Town Building in the 1950s

Carol E. Heim

The Journal of Economic History, 1990, vol. 50, issue 4, 903-924

Abstract: In the 1950s the British Treasury made an unusual departure from its traditional effort to minimize government spending, arguing that publicly funded development corporations rather than private developers should build town centers in New Towns so as to reap returns from property development. Often associated with frontier growth, development gain is partly created by the state and can only emerge and be realized with the passage of time and the evolution of expectations. Divisions within the state kept Treasury officials from fully securing a greater public role in New Town center building.

Date: 1990
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