Transcript Market Liberalism and Policy Making

Dr Maurice Mullard
Lecture Three
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Founding Fathers Adam Smith David Ricardo
JS Mill all writing 1770 1850
Attempt to explain context of Industrial
Revolution
Smith Invisible Hand Pin Factory and the
Division of Labour
Canons of Taxation
Moral Sentiments
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Ricardo on the iron law of wages
Labour and added value
Malthus on population growth
JS Mill on Liberty
Cobden and Bright on Free Trade
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Free Trade and cheap Corn imports
Favoured by industry resistance by landed
interests
Corn Laws 1834
Poor Law 1834 Workhouse House Test
Public Sanitation and public Health
Living Standards Debate
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Unemployment 25 per cent decline of GDP 10
per cent
Wage Reductions
Bank of England Montagu Norman
And Churchill
Resistance to Keynes on employment
The Gold Standard Debate
Economic Revival after 1933
War
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Explaining Economic Decline
Redefining public and private boundaries
Influence of Monetarism
Inflation
Unemployment
Trade Unions
Privatisation
Restructure British Economy
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Lawson and the MTFS
Money Supply and Inflation
Control of Government borrowing
Tax Reductions
Increases in Income Inequality
Creating Winners and Losers
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Emergence of Financial Sector
Decline of Manufacturing
Regeneration of Cities
The Ascendance of Individualism