Reflections on Monetarism
Britain'S Vain Search for a Successful Economic Strategy
The last 20 years have seen severe macroeconomic instability in Britain, with three extreme and highly damaging boom-bust cycles. Professor Tim Congdon, one of the City's most well-known commentators, has been an influential critic of successive governments' failures in economic policy throughout this period. Reflections on Monetarism brings together his most important academic papers and journalism, including his remarkably prescient series of articles in The Times from 1985 to 1988 forecasting that the Lawson credit boom would wreck the Thatcher Government's reputation for sound financial management. He presents a powerful argument that the root cause of Britain's economic instability has been the volatile growth of credit and the money supply.
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What Reviewers Are Saying
`A highly recommended book which is a collection of the author's most important academic papers and journalistic contributions, including articles printed in The Times during 1985-1988. The author has an outstanding record in forecasting the economic consequences of changes in monetary policy and this volume is essential reading for students, business men and policy makers.' -- Aslib Book Guide `Tim Congdon is unique among economists forewarning from 1985 of Lawson's disastrous economic decisions and the boom and bust that would follow.' -- The Rt Hon The Lord Joseph of Portsoken, CH PC `Tim Congdon has an outstanding record in forecasting the economic consequences of changes in monetary policy. This is a book which ought to be read by every businessman and every politician.' -- Lord Rees-Mogg `Tim Congdon's subject could hardly be more timely. It is nearly fifty years since the Employment Policy White Paper. That strategy failed in the end. Since then the response of policy to the failure to find a convincing strategy has been to abdicate the task. Throwing in the towel is not a policy; and Tim Congdon will rightly have none of it.' -- Peter Jay `Tim Congdon has never hesitated to challenge consensus thinking about macroeconomic policy, with his clear, original, incisive arguments. He has been proven correct in his predictions for, and analysis of, the economy to a remarkable extent. His work should be required reading in Whitehall. If it had been, recent policy errors could have been avoided.' -- C.A.E. Goodhart, London School of Economics and Political Science, UK `Tim Congdon is a redoubtable champion of monetarism. His work has been both valuable and prescient; and it must be taken extremely seriously.' -- Patrick Minford, University of Liverpool, UK `Mr Congdon preaches the monetarist creed with a passion and fervour more suited to the revivalist churches of South London than the hushed corridors of Cambridge University or the Treasury.' -- Patrick Harverson, The Financial Times