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New revisionists and the Keynesian era in British economic policy[Note 1. I am grateful to two thorough referees, to Jim ...]
Author(s) -
Booth Alan
Publication year - 2001
Publication title -
the economic history review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.014
H-Index - 49
eISSN - 1468-0289
pISSN - 0013-0117
DOI - 10.1111/1468-0289.00195
Subject(s) - economics , keynesian economics , treasury , new keynesian economics , fiscal policy , post keynesian economics , monetary policy , macroeconomics , neoclassical economics , political science , law
This article surveys the literature, which has argued that post‐1945 British economic policy should not be described as Keynesian. It attempts to apply explicit definitions of ‘Keynesian', ‘influence', and ‘the Treasury view'. It suggests that in post‐1945 monetary and fiscal policies, in the treatment of the balance of payments, and in attitudes to public expenditure, strong Keynesian influences can be detected. The idea of a ‘Keynesian era' should not be rejected and it is hinted that the failure to accelerate the growth rate, rather than the external dimension, caused the Keynesian era to unravel.