Recent Controversies in Political Economy - Russell

For more than a decade, successive Conservative governments introduced reforms which have been widely held to be a revolution in economic policy. Generally these have tended to give a greater role to markets and, correspondingly, leave a diminished role for the state. The Institute of Economic Affairs takes markets as its central concern - where they work, where they fail and how they are impeded. It thus has a unique interest in this policy revolution. "Economic Affairs" is the Institute's magazine and this book comprises a collection of its articles on political economy and economic policy. Put together they constitute a sustained commentary on what will surely become known as the "Thatcher era". It begins with a critique of Keynesianism, identifying this as the origin of orthodox views on economic policy since the war. The mistakes of this doctrine are shown to have had particularly grave consequences for labour markets and the monetary sector. Having explored such cornerstones of Conservative policy as monetarism and union policy, the book considers a whole range of policy areas.;This book should be of interest to all students of economics and politics.