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Abolition of Resale Price Maintenance |
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The London-based Institute for Economic Affairs (AEI) from its beginning undertook an extensive publishing program to push forward its free-market ideology. Among its publications was one particular paper, which had a direct and immediate political impact. Published in 1960 "Resale Price Maintenance and Shoppers' Choice" by Basil Yamey argued for the abolition of Resale Price Maintenance, which by fixing prices in shops prevented large stores from necessarily under-cutting smaller shops. Yamey argued that a free market in shop prices would save the shoppers £180,000,000 a year, and prices would fall by five percent.
The publication of Yamey's paper was timed to coincide with a period of public debate on the subject to ensure maximum impact, and Yamey's suggestions were taken up by the incumbent Conservative Government. Although the Abolition of Resale Price Maintenance by  Edward Heath in 1964, can not only be attributed to Yamey's paper, it for sure had a substantial impact.
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Edward Heath
Conservative prime minister of Great Britain from 1970 to 1974. Of modest origins, Heath was educated at Oxford, where he was elected president of the University Conservative Association in 1937. In 1938, as chairman of the Federation of University Conservative Associations and president of the Oxford Union, he actively opposed the policy of appeasement toward Nazi Germany pursued by the Conservative prime minister Neville Chamberlain. He served in the army during World War II, worked in the Ministry of Civil Aviation in 1946-47, was editor of the Church Times from January 1948 to October 1949, and then became a member of a merchant banking firm.
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