Milton Friedman and Thatcher’s Monetarist Experience

Frazer, William J.

doi:10.1080/00213624.1982.11504012

Cited by 8 publications

(6 citation statements)

References 4 publications

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“…He argues that the paradigm shift from Keynesianism to monetarism can readily be discerned from the Conservative government's explicit prioritization of inflation control after 1979. That government was more circumspect in declaring itself ‘monetarist’ than Hall's account might suggest, but the influence of monetarist economists on Margaret Thatcher seems clear (Frazer, 1982). New Labour has been even more reluctant to align itself with a particular economic theory, making it difficult to pin down the ideas behind its policies, despite some heroic efforts (for example, Dolowitz, 2004).…”

Section: New Labour's Macroeconomic Policy Paradigmmentioning

confidence: 99%

UK Economic Policy and the Global Financial Crisis: Paradigm Lost?*

Hodson

Mabbett

2009

J of Common Market Studies

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The global financial crisis of 2007-08 produced a sudden change in the economic policy of the United Kingdom (UK). Prior to the crisis, the government preached the gospel of price stability, fiscal prudence and light-touch financial regulation. In the wake of the crisis, the government countenanced unconventional monetary policies, a surge in public-sector borrowing and the need for a rethink of financial supervision. This article seeks to understand the significance of these changes using Peter Hall's theory of policy paradigms. Its central argument is that, contrary to appearances, the UK has not yet experienced a fundamental reordering of the instruments, institutions and aims of economic policy. Third-order change cannot be ruled out as the crisis unfolds but the economic ideas underpinning UK economic policy have, for better or worse, demonstrated remarkable resilience thus far. IntroductionThe UK has been among the European economies hardest hit by the global financial crisis. The worldwide financial turmoil that began in 2007 triggered the first run on a British bank since 1866 and a near meltdown in the banking system 12 months later. The credit crunch, the effects of which have been amplified by the bursting of the UK's decade-old house price bubble, has taken a severe toll on the economy. According to the latest data, which are * Thanks to three anonymous referees for helpful comments. The usual disclaimer applies.

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Section: New Labour's Macroeconomic Policy Paradigmmentioning

confidence: 99%

UK Economic Policy and the Global Financial Crisis: Paradigm Lost?*

Hodson

Mabbett

2009

J of Common Market Studies

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“…Under the new post-Fordist conditions of the late 1970s and 1980s (Jessop, 1996), firms required flexible technology, a flexible workforce and flexible locations (Gertler, 1988). Society's high, stable expectations of firms in earlier years could no longer be met by firms that needed to take advantage of the least (Frazer, 1982). Friedman acted as economic advisor to both leaders, and many of their reforms were inspired by his work.…”

Section: Csr Theory As a Response To The Chicago Schoolmentioning

confidence: 99%

After the fall: The global financial crisis as a test of corporate social responsibility theories

Kemper¹,

Martin²

2010

European Management Review

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In this paper, we look at the development of the set of core corporate social responsibility (CSR) theories in response to Friedman's ascendancy. We assess the impact of the current economic collapse on theories built on this dialectical framework. Finally, we suggest where we might find new theoretical underpinnings for the next generation of CSR that can meet the challenges not only of the current financial crisis, but the looming ecological and geopolitical crises.European Management Review (201 0) 7, 229-239. doi:lO.1057/emr.2010.18

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“…Their policies are built on the ideas of famous economists. Friedrich Hayek influenced prime minister Thatcher (Corbett and Walker 2013, 463;Frazer 1982) and especially Milton Friedman's neo-liberal ideology influenced Thatcher and her soulmate, President Reagan. However, it is not only neo-liberalism that influenced Thatcher and Reagan.…”

Section: Politicsmentioning

confidence: 99%

Gig Workers and Policies of Minimal Social Dislocation

Spithoven

2021

Journal of Economic Issues

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My analysis of the process of digital "platformization" of economies is framed in Thorstein Veblen's theory of economic evolution and John R. Commons' concept of reasonableness. I conclude that digital platformization of economies is rooted in a deliberately decided liberalization of markets. The consequences of liberalization require a fundamental revision of economic policy and socio-economic institutions if one wants to create permanent jobs with good social security provisions, and/or to establish reasonable income/wealth differentials.

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Milton Friedman and Thatcher’s Monetarist Experience

Cited by 8 publications

References 4 publications

UK Economic Policy and the Global Financial Crisis: Paradigm Lost?*

UK Economic Policy and the Global Financial Crisis: Paradigm Lost?*

After the fall: The global financial crisis as a test of corporate social responsibility theories

Gig Workers and Policies of Minimal Social Dislocation

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