Notes

CHAPTER 1

1. Club of Rome Report, The Limits to Growth Potomac Associates, 1972. 2. Wilfrid Beckermann, Small is Stupid Duckworth, 1995. 3. Paul Ormerod, The Death of Economics Faber and Faber, 1994.

CHAPTER 2

1. Roger Bootle, The Death of Inflation Nicholas Brealey Publishing, 1996.

CHAPTER 3

1. , The Downing Street Years HarperCollins, 1993. 2. Nigel Lawson, The View from No. 11 Bantam Press, 1992. 3. Philip Stephens, Politics and the Pound Macmillan, 1996.

CHAPTER 4

1. Figures kindly supplied by Paul Convery of the Unemployment Unit.

CHAPTER 5

1. Brian Burkitt, Mark Baimbridge and Philip Whyman, There is an alternative - Britain and its relationship with the EU Campaign for an Independent Britain, 1996.

CHAPTER 7

1. Roger Berry MP, Against a Single Currency Fabian Pamphlet, 1995.

170 Index

The subjects listed in the index do not include references to Britain, Germany, France, Italy, the , United States, Japan and World Wars I and II, nor to concepts such as , unemployment, growth and inflation, because references to them occur so frequently in the text. Adenauer, Konrad, 22 Department of Education, 8 American Civil War, 32 Dollar Gap, 41 Argentina, 2 Domestic Credit Expansion, 60 Australia, 33 Austria, 150 Economic and Monetary Union, 19,128,162 Economic Commission for Europe, 40 Baldwin, Stanley, 38 Economist, The, viii, 41 Bank Charter Act 1844, 29 Edward III, 31 Bank of England, 22, 46, 60, 62, 95, 120 Elizabeth I, 31 Bank Rate, 41, 44 European Central Bank, 130 Banking School, 28, 29 European Commission, viii, 130 Barings Bank, 34 European Parliament, 129 Belgium, 33, 39 Exchange Equalisation Account, 40, 120 Birch, Nigel, 44 Exchange Rate Mechanism, 4,64,65,66,67, Broughton, Haas, Masson and Adams, 26 94,99, 128,132, 134, 144,162,163 Brazil, 11 Bretton Woods, 41,42,46,47,68,94,99,143 Falkland Islands War, 63 Fielding, Henry, 49 California, 33 Final Report of the Royal Commission on the Depression of Trade and Industry, Callaghan, James, 23, 61 23,34 Carlyle, Thomas, 100 Franco, Francisco, 77 Charles II, 31 Franco Prussian War, 32 Cherwell, Lord, 44 Free Trade, 31,35 Chesterton GK, 132 French Revolution, 28 China, 2, 89, 104, 121, 122,141 Friedman, Milton, 53, 55, 62 Chrysler, 51 Full Employment Forum, 113 Churchill, Winston, 24, 44 City, the, 16, 22, 64, 71, 107, 109, 158 Galbraith, John Kenneth, 71 Club of Rome, 6 General Strike, 38 Cobden Treaty, 32 Gladstone, William Ewart, 32 Common Agricultural Policy, 47, 128, 143, Gold Standard, 23, 24, 33, 34, 35, 36, 38, 43 163 Gould, Bryan, vii, x Common External Tariff, 79 Great Exhibition, 29, 32 Common Market, 47, 94, 128, 143 Greece, 129 Commonwealth, 45, 120 Greenham Common, 64 Comparative Costs, 77 Confederation of British Industry, 52,67,134 Healey, Denis, 18,60,93 Conservative Government, 62, 101 Heath, Edward, 47, 56, 143 Conservative Party, 1 High-tech, 109 Cripps, Stafford, 41 Holland, 33, 39, 163 Cunliffe Committee, 37 Home Office, 100 Currency School, 16, 28, 29, 31 Hong Kong, 2, 11, 73, 89, 100, 105, 122, Currency Snake, 162 125, 141 House of Commons, 130 de Gaulle, Charles, 94, 141 Howe, Geoffrey, 63, 65, 93 Denmark, 129, 162, 163 Hume, David, 12

171 172 Tackling Britain's False Economy

Hutton,Will, 12 MO, 64 Motor Vehicle Output, 70 India, 104 Munich Agreement, 40 Indonesia, 121 Industrial Revolution, 103 NAIRU, 58, 151,152,153 International Monetarism, 92 Napoleonic Wars, 16,20,23,27,28,29, 30, International Monetary Fund, viii, 60 36 Ireland, 129 National Government, 38, 120 National Health Service, 113 J Curve, 95, 96, 123 National Institute Review, 26 Jay, Douglas, x National Plan, 45 Navigation Acts, 31 Kapital, Das, 34 New York, 22 Kennedy, John F, 157 Newton, Isaac, 27, 37 Keynes, John Maynard, 13,15,37,39,41,57 Nobel Prizes, 9 Korea, 2, 73, 74, 88, 89, 141 North Sea Oil, 4, 11,94 Korean War, 42, 134, 142, 146 Norway, 3, 5, 11,49, 102,150

Labour Force Survey, 90 OECD, viii Labour Government, 45, 56, 59, 64, 120 Office for National Statistics, viii Labour Party, 1, 16 Opt-Outs, 162 Labour Conference, 23 Organisation of Petroleum Exporting Lamont, Norman, 67 Countries, 47, 143 Latin Union, 33 Law of One Price, 92 Peel, Robert, 32 Lawson, Nigel, 55, 63, 64, 65, 143, 144, 158 Peterioo, 29 Leading Sector Inflation, 139 Phillips Curve, 57 League of Nations Secretariat, 37 Pilbeam, Keith, 26 Liberal Democrats, 1 Portugal, 129 Lindemann, Professor, 44 Powell, Enoch, 44 Lloyd, Selwyn, 44 Locke, John, 27 Radcliffe Report, 53 School of Economics, vii Reagan, Ronald, 93 Long Parliament, 31 Relative Unit Export Values, 67, 98, 119, Ludd, Ned, 103 122, 125, 132 Report from The Select Committee on the Maastricht Criteria, 130 High Price of Bullion, 28 Maastricht Treaty, 19,49, 129, 162, 163, Ricardo David, 15,23,28,29, 30, 31, 97 165 ROBOT, 44 Macmillan, Harold, 44 Roman Empire, 69 Main Manufacturing Countries, 97, 98 Royal Commission on the Depression of Major, John, 65, 66, 128 Trade-1887,23,34 Malaysia, 104, 121 Rubicon, 69 Malthus, Thomas, 15, 23 Marshall Aid, 43 Sayers, Professor, 53, 57, 58 Marshall Plan, vii Scandinavia, 10 Marshall, Alfred, 15 Schwartz, Anna Jacobson, 53 Marx, Karl, 34 Short Termism, 107,109 Maudling, Reginald, 45 Six Acts, 29 McKenna Duties, 78 Smith, Adam, 12,15 Mercantilism, 32 Smithsonian Agreement, 143 Mersey side, 158 Snowden, Philip, 38, 44 Middle Ages, 31 South Africa, 35 Mitchell, Austin, vii Spain, 77, 102,104, 129, 150 Index 173

Starkey, Charles, ix Treaty of Rome, 128 Steel Output, 36,69 Tyneside, 158 Sterling Area, 41 Sterling Index, 132 United Nations Organisation, viii Sterling M3, 61, 63 Stewart, Shaun, vii Velocity of Circulation, 56, 119 Stop-Go, 44 Vietnam War, 46, 55, 94, 143, 144 Sunday Times, 61 Switzerland, 3,33,41, 150 Wage Inflation, 149 Walters, Professor, 63 Taiwan, 73, 74, 88, 89, 125, 141, 164 Waterloo, 23 Temporary Committee on Employment, 129 Wealth of Nations, 12 Thatcher, Margaret, 23, 63, 65, 143 William III, 27 Thorneycroft, Peter, 44 Wilson, Harold, 45, 56 Trade Policy Research Centre, 25 Winter of Discontent, 62 Trade Unions, 34, 151, 162, 168 World Trade Organisation, viii, 18, 76 Treasury Bills, 120 Treasury, The, 44, 61, 66, 67, 120 Yom Kippur War, 47, 60, 143