... all be living in paradise?) Some people think that the essential truth of Keynes big idea- that even the most productive economy can fail if consumers and investors spend too little, that the pursuit of sound money and balanced budgets is sometimes (not always) folly rather than wisdom (The General Theory of Employment, Interest, and Money) - is as evident in today's world as it was in the 1930's. And in these dangerous days, we ignore or reject that idea at the world's peril. (A Keynesian economist's view) 1979 saw the voting in of the Thatcher government which immediately started to introduce monetarist policies. They dismantled many of the costly nationalised industries by privatising them, challenging the power held over the previous government by the unions and passed a range of legislation which diminished their power. Monetarists believe that firms operate more efficiently in the private sector where they are subject ...

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