Keynes, the Keynesians and Monetarism

Abstract

Introduction: what were (and are) the debates all about? 1 PART ONE KEYNES AND THE KEYNESIANS 29 1W ere the Keynesians loyal followers of Keynes?33 2W hat was Keynes's best book?46 3K eynes, the Keynesians and the exchange rate 55 PART TWO THE SO-CALLED 'KEYNESIAN REVOLUTION' 77 4 Did Britain have a 'Keynesian revolution'?81 5 Is anything left of the 'Keynesian revolution'?112 PART THREE DEFINING BRITISH MONETARISM 123 6 The political economy of monetarism 127 7 British and American monetarism compared 146 PART FOUR THE DEBATE ON THE 1981 BUDGET 173 8 Do budget deficits 'crowd out' private investment?177 9 Did the 1981 Budget refute naïve Keynesianism?181 10 An exchange 25 years later between Professor Stephen Nickell and Tim Congdon 206 PART FIVE DID MONETARISM SUCCEED? 231 11 Assessing the Conservatives' record 235 12 Criticizing the critics of monetarism 245 v

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