Expansionary Fiscal Contraction: The Thatcher Government's 1981 Budget in Perspective

Author:   Duncan Needham (University of Cambridge) ,  Anthony Hotson (University of Cambridge)
Publisher:   Cambridge University Press
ISBN:  

9781107042933


Pages:   251
Publication Date:   15 September 2014
Format:   Hardback
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Expansionary Fiscal Contraction: The Thatcher Government's 1981 Budget in Perspective


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Author:   Duncan Needham (University of Cambridge) ,  Anthony Hotson (University of Cambridge)
Publisher:   Cambridge University Press
Imprint:   Cambridge University Press
Dimensions:   Width: 15.50cm , Height: 1.70cm , Length: 23.40cm
Weight:   0.500kg
ISBN:  

9781107042933


ISBN 10:   1107042933
Pages:   251
Publication Date:   15 September 2014
Audience:   Professional and scholarly ,  Professional and scholarly ,  Professional & Vocational ,  Professional & Vocational
Format:   Hardback
Publisher's Status:   Active
Availability:   In stock   Availability explained
We have confirmation that this item is in stock with the supplier. It will be ordered in for you and dispatched immediately.

Table of Contents

Foreword Geoffrey Howe; 1. The 1981 statement by 364 economists Robert Neild; 2. The 1981 Budget: how did it come about? Tim Lankester; 3. The London Business School and the 1981 Budget Alan Budd; 4. The 1981 Budget: a view from the cockpit Adam Ridley; 5. The Bank of England and the 1981 Budget Charles Goodhart; 6. 1981 and all that William Keegan; 7. The origins of the Budget in 1980 Christopher Collins; 8. The 1981 Budget and its impact on the conduct of economic policy: was it a monetarist revolution? Anthony Hotson; 9. The 1981 Budget: 'a Dunkirk, not an Alamein' Duncan Needham; 10. Macro-economic policy and the 1981 Budget: changing the trend Ray Barrell; 11. The Keynesian twin deficits in an inflationary context Robert Z. Aliber; 12. The long road to 1981: British money supply targets from DCE to the MTFS Michael J. Oliver; List of names; Chronology of events; Official sources; Bibliography of secondary sources; Index.

Reviews

Advance praise: 'The arduous process of economic policy-making on the run is wonderfully exposed in this volume on the famous 1981 Budget. The reader is taken into the corridors of Great George Street and into the Faculties of Economics and should come away realising just how hard it is to do this stuff right.' Jagjit Chadha, University of Kent Advance praise: 'Budgets have redefined the economic policy of Britain: Gladstone's in 1853, Lloyd George's in 1909 - and Howe's in 1981. This excellent collection offers a sophisticated appreciation of the ideological divisions and political tensions of 1981 that brings together participants with a study of the archives. It is a major contribution to understanding the economic policies of our own time.' Martin Daunton, University of Cambridge Advance praise: 'Geoffrey Howe's highly controversial anti-Keynesian 1981 Budget, which significantly reduced the Government's fiscal deficit at the depth of a recession, was one of the more important turning points of the Thatcher era. A number of chapters in this book, in particular those by Sir Tim Lankester, the Treasury private secretary at Number 10 at the time, and Christopher Collins, the Director of the Margaret Thatcher Foundation, add usefully to our knowledge of how this historic event occurred.' Lord Lawson, former Chancellor of the Exchequer Advance praise: 'A rich collection of perspectives on a key and controversial turning point in Britain's modern economic management and performance. Brimming with insights and lessons for policy-makers, commentators and scholars.' Richard Roberts, Director of the Institute of Contemporary British History, King's College London Advance praise: 'This book makes an invaluable - indeed unique - contribution to the appraisal, not just of the 1981 Budget, which is its purpose, but of the whole edifice of thinking and analysis which underlay it. Indeed it raises in a fundamental form the question of what today the basis of macro-economic policy should be, if in fact there is any such thing. It is written by a variety of authorities - academics, journalists and former civil servants - and each brings to the discussion a perspective and insight which it would be difficult to match; and their conclusions, though by no means unanimous, are rigorously argued and well presented. This is a book not just for the academic specialist but for the general public as it struggles to understand how governments today make economic policy.' Sir Douglas Wass, former Permanent Secretary to the Treasury


'The arduous process of economic policy-making on the run is wonderfully exposed in this volume on the famous 1981 Budget. The reader is taken into the corridors of Great George Street and into the Faculties of Economics and should come away realising just how hard it is to do this stuff right.' Jagjit Chadha, University of Kent 'Budgets have redefined the economic policy of Britain: Gladstone's in 1853, Lloyd George's in 1909 - and Howe's in 1981. This excellent collection offers a sophisticated appreciation of the ideological divisions and political tensions of 1981 that brings together participants with a study of the archives. It is a major contribution to understanding the economic policies of our own time.' Martin Daunton, University of Cambridge 'Geoffrey Howe's highly controversial anti-Keynesian 1981 Budget, which significantly reduced the Government's fiscal deficit at the depth of a recession, was one of the more important turning points of the Thatcher era. A number of chapters in this book, in particular those by Sir Tim Lankester, the Treasury private secretary at Number 10 at the time, and Christopher Collins, the Director of the Margaret Thatcher Foundation, add usefully to our knowledge of how this historic event occurred.' Lord Lawson, former Chancellor of the Exchequer 'A rich collection of perspectives on a key and controversial turning point in Britain's modern economic management and performance. Brimming with insights and lessons for policy-makers, commentators and scholars.' Richard Roberts, Director of the Institute of Contemporary British History, King's College London 'This book makes an invaluable - indeed unique - contribution to the appraisal, not just of the 1981 Budget, which is its purpose, but of the whole edifice of thinking and analysis which underlay it. Indeed it raises in a fundamental form the question of what today the basis of macro-economic policy should be, if in fact there is any such thing. It is written by a variety of authorities - academics, journalists and former civil servants - and each brings to the discussion a perspective and insight which it would be difficult to match; and their conclusions, though by no means unanimous, are rigorously argued and well presented. This is a book not just for the academic specialist but for the general public as it struggles to understand how governments today make economic policy.' Sir Douglas Wass, former Permanent Secretary to the Treasury


Author Information

Duncan Needham is a Research Fellow at Darwin College, Cambridge and Associate Director of the Centre for Financial History at Newnham College, Cambridge where he works on contemporary UK economic history. Before returning to academia, he worked as a credit trader at JP Morgan and then as a structured credit portfolio manager at Cairn Capital. Dr Needham lectures in Economic History and teaches undergraduate and graduate courses in history, economics and politics. Anthony Hotson is an associate member of the History Faculty at the University of Oxford, and a research associate of the Centre for Financial History at the University of Cambridge. He worked at the Bank of England during the 1980s, including a year on secondment as assistant commissioner at the newly formed Building Societies Commission. He also worked at McKinsey and Company before joining S. G. Warburg, where he was a corporate financier and director during the 1990s. Thereafter, he served as a non-executive director on a number of company boards in the insurance, fund management and banking sectors, as well as pursuing his academic interests. More recently, Dr Hotson has been a research fellow at the Winton Institute for Monetary History at the University of Oxford. He teaches macroeconomics and financial history, and has recently co-edited a book on the economic policies of the Thatcher government, and another on British financial crises since the nineteenth century. He is a non-executive director of Cenkos Securities plc and chairman of a charity, the Wadenhoe Trust.

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