Inside Thatcher’s Monetarism Experiment

The Promise, the Failure, the Legacy

Tim Lankester (formerly of the University of Oxford)

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English

Policy Press
01 June 2024

Central government policies; Financial crises & disasters; Economic history

In 1979, Margaret Thatcher's new government was faced with rampant double-digit inflation, rising unemployment and flatlining economic growth. In response, Thatcher pursued an economic policy which rejected the old orthodoxies and was promoted by only a minority of economists: a policy based on the doctrine of monetarism.

Tim Lankester was the private secretary for economic affairs to Thatcher during the early years of her government. His insider's account explains her attitudes and decisions and those of the other main players in this deeply damaging experiment in economic policy making, which promised much but completely failed to deliver.

Offering fascinating insights into one of the most unsuccessful episodes of British economic history, he also examines the legacy of monetarism for the economy today.

By: Tim Lankester (formerly of the University of Oxford)
Imprint: Policy Press
Country of Publication: United Kingdom
Dimensions: Height: 216mm, Width: 140mm,
ISBN: 9781447371359
ISBN 10: 1447371356
Pages: 240
Publication Date: 01 June 2024
Audience: Professional and scholarly , General/trade , Undergraduate , ELT Advanced
Format: Hardback
Publisher's Status: Active

1. Introduction 2. A view from Number 10 3. Keynes and Friedman 4. The monetarists’ challenge 5. Labour and soft monetarism 6. Mrs Thatcher and hard monetarism 7. Monetarism’s high noon 8. Ending the experiment 9. Counting the cost 10. Mrs Thatcher and the trade unions 11. The quest for an alternative anchor 12. The monetarists and the critics look back 13. The legacy 14. The return to stagflation? 15. Epilogue

Sir Tim Lankester, KCB, was Margaret Thatcher's first private secretary for economic affairs. He was subsequently Britain's representative on the boards of the IMF and the World Bank; Permanent Secretary at the former Overseas Development Administration; Director of the School of Oriental and African Studies, University of London; and President of Corpus Christi College, Oxford. He is the author of The Politics and Economics of Britain's Foreign Aid: The Pergau Dam Affair (Routledge, 2013).