Managing change: a guide to British economic policy
This book is a guide to how economic policy is made in modern Britain. It is designed to help the reader understand how the policy process works: who the key actors are, the links and the gaps between theory and practice, and the difficulties of making policy in the real world. It looks at how the implementation of theory and the development of policy is affected by the historical and international contexts in which policy-makers have to operate; the difficulty of being certain about which competing theory to choose; and the need to take account of political feasibility as well as economic desirability.
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The historical context
The structure of policymaking
British policy and the European Union
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areas argued arguments Bank of England became benefit Bretton Woods Britain British economy budget cent Chancellor changes commitment counter-inflationary policy crisis currency cuts decision demand devaluation developments difficult domestic economic policy economists effect election ensure ERM membership euro Europe European example exchange rate factors financial markets fiscal policy forecasts foreign exchange markets German mark Germany Gordon Brown government's growth impact important income tax incomes policy industrial countries inflationary pressures influence interest rates introduced investment issues James Callaghan John Major join the ERM Labour government labour market Lawson low inflation Maastricht Major Margaret Thatcher ment monetary money supply negotiations Nigel Lawson officials Party pension plans policy-makers political politicians post-war pound Prime Minister problems public spending recession relatively rise role sector seen sterling tackle target Thatcher government Treasury UK's unemployment