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Social credit is a distributive philosophy of political economy developed in the 1920s and 1930s by C. H. Douglas.Douglas attributed economic downturns to discrepancies between the cost of goods and the compensation of the workers who made them.
Notable supporters of Social Credit or "monetary reform" in Britain in the 1920s and 1930s included aircraft manufacturer A. V. Roe, scientist Frederick Soddy, author Henry Williamson, [citation needed] military historian J. F. C. Fuller [7] and Sir Oswald Mosley, in 1928-30 a member of the Labour Government but later the leader of the British Union of Fascists.
C. H. Douglas, founder of the Social Credit-theory. Photo taken in Edmonton, Alberta, Canada, 1934. In the years around 1920 the British engineer C. H. Douglas developed a theory on banking and welfare distribution, a theory which he called "Social Credit", and which soon became the cornerstone of an international movement with the same name.
In the 1930s and 1940s, the social credit movement in British Columbia was largely fractious, and made up of various small groups, the largest of which being the Social Credit League. The British Columbian movement was largely at odds with the Albertan wing and sought to distance itself from William Aberhart's religious preaching.
Social Credit contested every provincial election between 1938 and 1967, though the party ran only leader Joseph Needham in 1944. The party received the third highest vote share among parties on four occasions, achieving a high-water mark of 21.5% of the vote in 1956; however, only twice were any members elected to the Legislature—two in 1938, and three in 1956.
Formed in 1932 as the Financial Freedom Federation (FFF), it became the Irish Social Credit Party in late 1935. The party sought to reform Ireland's financial and economic system on lines consistent with the social credit economics as espoused by Major C. H. Douglas. The FFF had split in two factions: one operating under the banner of the ...
From 1932 to 1935, Aberhart tried to get the governing United Farmers of Alberta (UFA) to adopt social credit. [2] However, the 1935 UFA convention voted against adopting social credit and UFA Premier Richard Reid rejected the proposals as being outside the province's constitutional powers, so Aberhart entered Social Credit candidates in that year's provincial election.
Though C. H. Douglas declined to come to Alberta himself, he sent two assistants to advise the Social Credit Board.. William Aberhart's Social Credit League won the 1935 Alberta general election on a platform of ending the Great Depression by implementing social credit, a new economic theory that posited that poverty could be ended by increasing citizens' purchasing power.