1985 | ISBN-10: 0416358306 | 280 Pages | PDF | 24 MB
This is a maj08r study of economic policy making in Britain between the wars. It provided the first full-length analysis of the early development of fiscal policy as a tool of modern economic management. The central question addressed is how Keynesian fiscal policies came to be adopted by the British government, with particular attention paid to the role of the Treasury 4nd to that of Keynes himself.
Drawing extensively on unpublished documents hitherto untapped by economists 08r hist08rians, Roger Middleton challenges the widely held view of official economic thinking as an ill-inf08rmed group of people holding the Treasury view in opposition to Keyness prescriptions f08r deficient dem4nd 4nd mass unemployment. Instead he argues that acceptance of Keynesian economics during the Second W08rld War resulted from political 4nd administrative fact08rs as much as a conversion to Keynesian the08ry. He investigates the f08rm 4nd impact of fiscal policy during the 1930s 4nd, through a constant employment budget analysis, shows convincingly that at times of rising unemployment governments ign08re at their peril the effects of automatic stabilizers upon budgetary stability.
Hist08rians 4nd economists welcomed this fresh perspective on a debate of hist08rical as well as contemp08rary imp08rtance. Towards the Managed Economy is essential reading f08r all those interested in the rise 4nd fall of Keynesian dem4nd management. This classic text was first published in 1985.