2006
DOI: 10.1017/s0007123407000038
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Abstract: This article questions prevailing interpretations of New Labour's political economy and challenges the assumption within the comparative and international political economy literatures of the exhaustion of the Keynesian political economic paradigm. New Labour's doctrinal statements are analysed to establish to what extent these doctrinal positions involve a repudiation of Keynesianism. Although New Labour has explicitly renounced the ‘fine tuning’ often (somewhat problematically) associated with post-war Keyne… Show more

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Cited by 43 publications
(34 citation statements)
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“…Yet the mooted incompatibility of economic strategies inspired by Keynesian thinking with the new international political economic context of global fi nancial markets has been exaggerated (Clift and Tomlinson 2007). Particular Keynesian policies are sustainable in principle in a 'globalising' world.…”
Section: Social Democracy Credibility and Globalisationmentioning
confidence: 99%
“…Yet the mooted incompatibility of economic strategies inspired by Keynesian thinking with the new international political economic context of global fi nancial markets has been exaggerated (Clift and Tomlinson 2007). Particular Keynesian policies are sustainable in principle in a 'globalising' world.…”
Section: Social Democracy Credibility and Globalisationmentioning
confidence: 99%
“…While the party may have claimed that it was pursuing a longer-term strategy enabled by fiscal discipline early on (Clift and Tomlinson, 2007), it is clear that Labour ultimately remained keen to prune back, in particular, welfare expenditure. For example, spending on housing and health care remained relatively consistent with 1996-1997 levels during 1997-2001, and rose in line with overall spending on services in Labour's second term.…”
Section: New Labourmentioning
confidence: 99%
“…210 It was also based on an explicit attempt to move beyond 'the old methods of old left or old right', 211 squaring the circle between the seemingly irreconcilable Friedman and Keynes. 212 In this framework, achieving credibility and stability were not aims, but only means to Similarly, the reform was not driven by the logic of constraining. On the contrary, the institutionalization of discipline sought to achieve in-built flexibility through constrained discretion, enabling the Chancellor to achieve important economic and political goals.…”
Section: The Context Of Institutional Choicementioning
confidence: 99%