Britain's economic renaissance: Margaret Thatcher's reforms, 1979-1984

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Oxford University Press, Mar 27, 1986 - Business & Economics - 200 pages
As the recession in Britain intensified in 1980/81, Margaret Thatcher, despite the dictates of contemporary economic doctrine, did not increase the fiscal deficit in order to "increase aggregate demand". Instead, she did just the opposite, hoping to restore confidence to the market and credibility to government policy. In this analysis of her policy, the Prime Minister's personal economic advisor, the First Lord of the Treasury, argues that the course of Britain's recovery since mid-1981 is evidence of the success of Thatcher's policy. In non-technical language he explains how this policy worked to bring about a steady decline in the fiscal deficit and monetary aggregate and how, within this stable financial framework, output grew steadily, productivity advanced rapidly, and inflation was reduced to 5%. Finally, the book reviews the effects Thatcher's policies have had on international trade, on employment, and on industrial management and relations.

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Contents

Prologue
3
FISCAL POLICY
13
Crowding Out
35
Copyright

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