Economic Policy and Privatisation

Dunn, Mike; Smith, Sandy

doi:10.1007/978-1-349-20855-5_3

Cited by 2 publications

(7 citation statements)

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“…Yet, despite this very public conversion to monetarism, the deeper ramifications of the paradigm shift were still to be worked out in any detail. Thus, the 1979 general election manifesto, while proclaiming monetarism as the solution to ‘stagflation’, hardly made mention of privatisation and labour market reforms other than anti‐union legislation (Brittan 1989, 6; Dunn and Smith 1990, 37). These policies would have to be developed in office 3…”

Section: Thatcherite Influence In Specific Policy Domainsmentioning

confidence: 99%

“…In 1979–80 economic policy was organised in strict monetarist terms and focused on the control of money supply (Thompson 1996, 167). This led to a sharp rise in unemployment and, with it, increases in government spending (via benefits, Dunn and Smith 1990, 30) and widening inequality (the Gini coefficient rose to 40 in 1981–82, Walker 1990, 42). Such direct effects of the change in the direction of economic policy would have spillover effects to other policy domains, as we shall see presently.…”

Section: Thatcherite Influence In Specific Policy Domainsmentioning

confidence: 99%

“…True to its neo‐monetarist instincts, government policy was to restore the value of sterling and to control inflation through monetary policy (Mullard 1992, 271). After 1989 a further phase of privatisation was introduced (Dunn and Smith 1990, 38). This focused on the public utilities and generated significant receipts.…”

Section: Thatcherite Influence In Specific Policy Domainsmentioning

confidence: 99%

“…This allowed the focus of their economic reforms to be broadened. Privatisation and the injection and embedding of market mechanisms and discipline within the public sector now became the focus of economic policy (Dunn and Smith 1990, 34–38). Few efforts were made to reverse the decline in manufacturing (Thompson 1996, 171), and the 1983 Budget produced major changes in personal taxation (Mullard 1992, 262) which again favoured the better off.…”

Section: Thatcherite Influence In Specific Policy Domainsmentioning

confidence: 99%

“…1985 brought proposals to improve access to credit, especially for new business start-ups, and a further deepening of the supply-side refocusing of economic policy (Dunn and Smith 1990, 30–33). More significantly still, 1986 saw the dramatic deregulation and liberalisation of UK financial markets with the ‘big bang’.…”

Section: Thatcherite Influence In Specific Policy Domainsmentioning

confidence: 99%

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Establishing the Ontological Status of Thatcherism by Gauging its ‘Periodisability’: Towards a ‘Cascade Theory’ of Public Policy Radicalism

Hay¹,

Farrall²

2011

The British Journal of Politics and International Relations

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What, if anything, was Thatcherism? This article aims to gauge the extent to which it is credible and useful to speak of Thatcherism in the singular. It does so by developing a series of periodisations of the policy-making process in different policy domains since the late 1970s. This allows us to assess the degree to which a common rationale-such as might be associated with Thatcherism (as an instinct or project)-is exhibited in the sequencing of policy developments in different fields. In the process we seek to establish a new and more generally applicable methodology for establishing the existence of path-shaping political projects (such as Thatcherism) by gauging their periodisability. We conclude that the label Thatcherism is, indeed, warranted, since an account couched in such terms can illuminate an analysis of policy development since the late 1970s in a range of fields and can contribute to our understanding of the timing and sequencing of policy developments in each domain. Thatcherism, in other words, can be said to have existed because Thatcherism is periodisable. Our approach leads us to develop a 'cascade' theory of public policy radicalism and spillover between issue domains.

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Section: Thatcherite Influence In Specific Policy Domainsmentioning

confidence: 99%

Section: Thatcherite Influence In Specific Policy Domainsmentioning

confidence: 99%

Section: Thatcherite Influence In Specific Policy Domainsmentioning

confidence: 99%

Section: Thatcherite Influence In Specific Policy Domainsmentioning

confidence: 99%

Section: Thatcherite Influence In Specific Policy Domainsmentioning

confidence: 99%

See 3 more Smart Citations

Establishing the Ontological Status of Thatcherism by Gauging its ‘Periodisability’: Towards a ‘Cascade Theory’ of Public Policy Radicalism

Hay¹,

Farrall²

2011

The British Journal of Politics and International Relations

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The distinctiveness of state capitalism in Britain: Market-making, industrial policy and economic space

Silverwood

Berry

2022

Environ Plan A

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Britain is rarely considered an exemplar of ‘state capitalism’. In contrast, we argue that Britain should be treated as the prototype project of state capitalism in the world economic system, the primary contribution of our paper been to outline the parameters of state capitalism in Britain across two historical periods. Turning the conceptual lens of state capitalism towards Britain raises some challenging issues for the wider literature. Recent scholarship has started to consider greater diversity in regimes of state capitalism and moved beyond the typical nation-state geographical imaginary of state capitalism. Similarly, our paper seeks to introduce a new spatiality to state capitalism with deeper sensitivity to multi-scalar relations. State capitalism in Britain has rarely been bound to the geographical limitations of the nation-state; instead, it has been a transnational project, centred variably on empire, Europe, and the global market – with industrial policy tailored to enable the British economy to exploit and/or service these various spaces by ‘making markets’. We emphasize the often-financialized nature of this industrial policy intervention arguing it is constitutive of a ‘financial state capitalism’.

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Economic Policy and Privatisation

Cited by 2 publications

References 0 publications

Establishing the Ontological Status of Thatcherism by Gauging its ‘Periodisability’: Towards a ‘Cascade Theory’ of Public Policy Radicalism

Establishing the Ontological Status of Thatcherism by Gauging its ‘Periodisability’: Towards a ‘Cascade Theory’ of Public Policy Radicalism

The distinctiveness of state capitalism in Britain: Market-making, industrial policy and economic space

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