ABSTRACT
The New Statesman and Nations first leader was powerful plea for the government to embrace state investment and genuine economic planning before its supporters became totally disillusioned. When Ramsay MacDonald first floated the idea of the Economic Advisory Council (EAC) in December 1929, Graham Thomas joined Snowden and the FBI in frustrating any attempt to give it limited executive functions. Dame Margaret Cole was well briefed on the Trades Union Congress (TUCs) hostility to cuts and calls for protection, but he had no knowledge of the immense pressure being put on MacDonald by opposition leaders, the Bank of England and the American money markets. In consequence, James Maxton, John Paton and the other Independent Labour Party (ILP) rebels defying the Labour Whip could derive little comfort from Cole and Mostyn Lloyd leader columns. In the early 1920s Kingsley Martin enjoyed academic success at both Cambridge and Princeton, culminating in tenure at the London School of Economics and Political Science (LSE).
