1945

Deficits and deflation in industrialized countries

During the 1980s the Governments of a number of the world's most industrialized countries introduced new approaches to economic policy. From the Reagan supply-side revolution in the United States, to the Thatcher revolution in the United Kingdom and the policy of a strong franc in France, they all involved greater reliance on market mechanisms and less on government, in the belief that this would yield both more stable prices and increased economic growth. Indeed, so strong was this belief that reducing the presence of government in the economy became itself a goal of policy, not only in industrialized countries, but also worldwide. For instance, it is now the centrepiece of the conditionality of the international financial institutions.

Related Subject(s): International Trade and Finance
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