The Free Economy and the Strong State
E EE ECO OMY A E S O G S A E: E ISE O E SOCIA MA KE ECO OMY.
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I r n th l t t n r th l n p t r p r d f xp n n nd t b l t h t n nd. W r l v n thr h r th t h ld n v r h v h pp n d, th r th t K n n t hn nd l d r t p l nd n t t t n r pp d t h v b n h d f r v r, b th h d v r th t nd n f th p t l t n t rd d f nt d nd nd nd r n pt n. l p n n th n ppr h n th l f th 0 h rr d, nd th p tt rn f n p rf r n h b n v r d, b t th v r ll l d n n r t f n r th h t ll b n r d. h r h b n d p t d r f pr f t b l t r fl t d b th n d l n n h rt r n r t f r t rn nd f ll n l n t r pp rt n t f r nv t nt. rr r t f rth r r p d l t n h v lt pl d nd d t r n d th r nd n h h j r nfl t h v r pt d— tr l v r p , n t hn l nd pl nt tr l v r th z nd p t n f p bl xp nd t r nd tr l v r tr d nd f n n l b l n b t n rpl nd d f t t t . h t tr n f t r f th n r n h h d v d t h rpl fr th l t r t r n th rld n th b h v r f th pr l v l. Un pl nt h b n r n t d l , b t t h b n nfl t n th t h r p t dl thr t n d t t t f ntr l, nd n th f f h h n p l r h v pp r d t p rl . Infl t n n t rn ntr b t r t th n t b l t n th f n n l r t , th b l n n tr d , nd t th f l r f th t t nd h l d n h t nd r n th p l t l h n f th j r t t . W th th pr d f n rt nt nd n t b l t t h rdl rpr n th t th r p t t n f v rn nt f r f l n n nt h r p dl n d nd th t p l t n , h v n b n f t d d r n th l n r f b fr th d nt f t n f n pr p r t th 1 2 E SOCIA IS EGIS E
v rn nt n p l , n ff r fr th d nt f t n f th p l th th d l n f r nd f l r v r h h th h v t pr d . In r t n h r th pr bl f r l t v n d l n h b n r v t d b th p t f th r n, n v rn nt h n r l t n ft r rv n f ll t r n , nd th r h b n n f nt d l n n pp rt f r b th j r p rt ( t n t bl n 4 b t t ll r d n . h l d n n th p f l t n h pr v d d th pp rt n t f r d pr d r j t n f K n n p l t l n nd n n l ht n th p l , v l nd r n z t n f l d r . h r h l b n n l nt n r t h nt ll t l h h h n v r r r d h nd nt t j n ll t v t p d t th r ht. W r n t ntl b n t ld th t nt ll t l r f n ll l n f th n l (th f ll th r pr v f n l r j t n f t n th rl 0 . h h v b n nv rt d, v n t th l t h r, t th n d t r t t t l t r n nd th r t h b r rt , nd t r j t th b l f n ll t v nd l t th t r n hr n d n th p l nd n t t t n t bl h d n th 40 .1 A d fr th n h h v h n d th r nd , d b th p p l t l r f th n r ht, th r h l b n n r nt r r l nt ll t l h n , r r bl r v v l f l b r l p l t l n thr h th l b r t n f th d tr n f th l r t n , d tr n h h, nd r d ff r nt l b l , h d n r n h d th n th C n rv t v p rt n th l t t n r . h C n rv t v G v rn nt l t d n h d r p f n t r n th r l n n tr ( r r , Ind tr , r d , En r , h r ll dh r nt f th d tr n nd pr p r d t v rn n rd n th t pr r pt n . 2 h t r l r t n r n t d n G r n fr th n l b r l d th t r rr nt th r ft r 4 . In r t n nd A r l r d h v b n p t f r rd b n b r f th r t n l d n .A. nd M lt n r d n, nd p p l r z d n r t n b r n z t n l th In t t t f r E n Aff r nd th C ntr f r l St d , 4 b l d r r t r n th Times nd Daily Telegraph: b n nt t r h t r , S l r tt n, nd tr tb r, nd b C n rv t v p l t n (En h ll t f r t r r ntl , K th ph . Alth h n f th nt ll t l pr n nt n th br d E EE ECO OMY A E S O G S A E
t nd n , ( ft n l b ll d, r th r n r t l , n t r t , l t n th lv r nt t d r br n l n n t th f r d bl ll f th K n n n nd p l t l E t bl h nt, th th h h th h v p n tr t d th t d l nd th p d th h h th K n n d f n h v r bl d n th p t f r , t th r . At n th r t th j t n b t n n t r t nd K n n ld pr b bl h v r n d t hn l d b t b t th b t n tr nt f r n n nt. t th n t r t h v n t b n nt nt t rv pl f r th lv th n K n n , b t h v l n h d br d lt n th p l t l f r th t nd rp n K n n , th f r nd r n z t n f l d r . S n t r nd n l b r l h v b l n d th th r d nd v nt , th t n f nt f h h th p p l t r ht n th C n rv t v rt , t v r l r pr nt d b r p h th M nd Cl b nd th t n l A t n f r r d , h h r tr n l r t l f tr nd n r t h t n th r nd r l l d nt f d th th b l f nd tt t d f th pr nt C n rv t v d r. h p p l t lt n l d r h n ntr t d p n th b rd n f t x t n, th b f lf r , th n ff n f p bl pr v n nd p bl nt rpr , nd th thr t t p bl rd r nd ll b n p d b r nt , n n , t d nt , nd th r n r t r p . 6 A b tt pt h b n d t pp l t th t t n f th r n l l t r t f r h th p l nd r n z t n f l d r h v b n r n l np p l r. h lf nt rt n d b th n d l f th r ht nd th b nd f v f r nv rt nd r v n p n f r n nt th t n rt th th , th t r t n, h v n j t p d thr h t t r h d l t n, b t t xp r n r n n f l b rt nd th l b r l t , th r t n f n n t n l n n b n f h h th h n f ll t v ll b thr n ff, th tr nd f th p t th rt r r v r d, nd r t n n t n l nd . n f rt n r v v d. On th l ft t n v f h t h r nd th n l b r l p l t l n r v d nt. On th n h nd th r th tr n l h ld b l f th t th nd rl n tr nd n d rn p t l t rd f r f rp r t th th t t n t ntl t nd n t n r t p r f d r t n v r th n . n h t h r r rd d pl n d l , v l dr n v r th r l d v l p nt f p t l , nd p r d t h v r nt r bl d t b h v . b r l p l t l n n ppr pr t t th r f p t t v p t l 4 E SOCIA IS EGIS E 1979 b t n l n r r l v nt t th pr bl f n p l r rp r t p t l . If n tt pt r d t ppl t pr n pl h ld r lt th xp r n f th th G v rn nt n t f r t t r ft n t d. M n n th l ft n t r th t p rl d pt d th d l f th r ht t th pr bl f n n d rn p t l t n th t ft n th l d r t p rt l th b r rt r b tt r t d f r t, nd r tl pr f rr d b p t l t th lv t th xpl tl p t l t p rt . A nd r p n t h t h r nd th r v v l f l b r l p l t l n t th n t pl d l b t n f r r r n z n th t t t r n p r d f r n, n r n p nd n n nt n n rd r nd r d n t n rt n nd f lf r . h r ll n b f th t t n r n t nv lv r ll n t f r rd n th r . h r h t b p l d ll n d, nd th pl r t v r l f r t t n ( ll r pl r n r t n fr r t f l p pl . Wh l t th r h r t b d f r th p nt f v th n f r th f r t t n l d t n l t f th p f th r ht n r v v l nd th r f t tr n th, b t f n th t t t r nd th b l z t n f p p l t tt t d t rd lf r , r nt nd tr . t h t h r nd l b r l p l t l n h ld n t b tr t d n , h v r p rt nt th f t f th r pr nt l n n n pr t . b r l p l t l n h f r d p r r t nd p r n n th n p t l t l f r t n nd ntr b t d nd pr r t th n rv t v l ft ll th r ht . Ev n n f th nt ll t l h rr ntl dv t l r t n d n t b n n h r th p p l t p t n f h t h r nd r xtr l nh pp th t n t r nd th l r t n h ld pp r r ht n d tr n .
2 On f th n r n h th l r t n h r d r ht n t n b t ft n r rd d ph f r l z f r n , nd b n p l t l r n d f n d l ft r r ht d p nd n n h th r th nv lv th xt n n r th r tr t f ntr l v rn nt p r nd r p n b l t . h pr bl th th t r l z f r th t t t nt r n tt nt v t t . C p t l t t t h v n v r b n th t. h r l t n th d v d n l n b t n th E EE ECO OMY A E S O G S A E
r h r th t t f l bl d t nt rv n nd th h r t d n t. h r h v l b n l th pr t t n f pr p rt nd th nf r b l t f ntr t n h h th t t h n v r f ll d l z f r p l . Wh r th d v d n l n h ft n b n d t r n d b p l t l nd l tr l . h p rt n f th l r t d tr n n t th t t n t ll t t nt rv nt n b t th t t nt th t t t nt rv n l n r nd r n th r . r n — tr n t t n dl l n, nd r th nt n t f th d tr n th th tr d t n f l b r l p l t l n , n t d p rt r fr t. b d n th tr d t n h r l t d th t p t l ld d th t tr n nd t v t t , 8 lth h th h t b n b r d b l z f r d l f lf h lp nd b n nt rpr . h pr bl f r n l b r l h l b n h l t t th ph r nd t f v rn nt h ld b f x d, . ., h r th tr n th f th t t h ld b n ntr t d. h n th t th r n th n n l r t d tr n th t r l t ll t v pr v n f lf r r p bl nt rpr , pr v d d th t th r j t f d n t r n l b r l n pt. r n th b th th r t l d ff r n b t n th l lf r r x d n n r t n, pp rt d b th b r rt , nd th l r t n n G r n pp rt d b th S n t v r bv ( lth h th ntr t n n p rf r n h rp n h . h r h l b n d b t b t n l b r l nd ll t v t l d r t b t h th r rt n r d nd n b t b h v d thr h th r t r thr h pl nn n . h r l n f n f th l r t d tr n h nl pp r d d r n th r n. In th v d b th d r d t n f K n n nd th v d nt d rr f l d r , th l r t d tr n h pr v d d th nt ll t l b dr f r th r ll n f th r ht r nd pr r d t br n th r t ll th th n v r f l d r t th ht n rd r t t bl h th pr n pl th t ll n bl v rn nt t br fr l d r n pr t l . r th f r t t n th r th r ht h r d t f d t n t v pr n pl n h h t b th nd t f n p l nd tt pt t r v r f th p l t l dv n d b r n z d l b r. S l d r t , h t v r th r p rt ff l t n, r t l p r v th f nd nt l h t l t f l r t d tr n t th r b l f nd p l , b t h v f nd th lv n th d f n v b f th tr n l t n f th th r t l pr n pl nd d t n t n f l r t d tr n nt th 6 E SOCIA IS EGIS E 1979 l n nd d nd f th th r t r n p p l f M r r t h t h r. At t t l nt r l v l th br th t l r t d tr n th th b t ndp nt f K n n nd l d r . h t ndp nt f th K n n h l n ppr h n pr bl f n n p t l th t f th n t n l n . S l d r t h v n r n l t h r th t t ndp nt, p rt l rl h n th r n v rn nt, lth h th p r t ll th n ld r fr f r f r n , ll h n th r n pp t n—th nt r t f th r n l . n th n t n l n th t rt n p nt f r th d v l p nt f p l t l n , t f pr n pl f r d n n p l , n d pt n th t ndp nt f th n t n t t nd t n . h d n t pr l d r l n n fr r t th d , b t t n th r v l t d n t r f th r ntr b t n t th nd pr r f th n t n l n . h tr r f l r t th r t th r j t n f th nt ll t l n tr t n nd th r t rn t th n rn f l b r l p l t l n —th t ndp nt f th r t, th ph r f d t r l t n r l t d b l . h ph r p d f lt t d f d ff r nt r t , f h h r h ll b nd n t n l p l t l tr t r , nd th r pr p r f n t n n n d r d t b n p rt nt nd n t lf, ll th b t n t th h v nt f rt n n t n l nd . h d n t nt l th t dh r nt f l r t d tr n r ll nt rn t n l t nd p l t n , lth h r . Oth r r p n t n t n l t nd r t h r p tr t . t ll rd n p rt n t r t nd th v l nt r r l t n h p f x h n th t bl h, h h th r rd tt n d f n t l t t h t n t n l n p l n nd ht t pl h. h pr n pl f l b r l p l t l n n h h th n pt f th l r t n r t h v b n r t t d t f ll nd t nfl nt ll n r t n nd A r b , h r t n r p r f l t d ." h r v r l ttl r tt n b th p p l r z r f l r t d tr n th t n t lr d nt n d ( h r n . th ht r v lv r nd thr r l d t n t n —th b t n l b rt nd d r , l nd b r r , nd th r t nd pl nn n . r th pp t n fl t f th pr t l n l n f th l r t th r t . t v r l r th t h l t h b n n h t l t d r , t l b rt th t r p rt nt. A d r t t t pr t t l b rt , f t pr p rl r n z d, b t t n t th nl nd f t t E EE ECO OMY A E S O G S A E th t n d . b rt d f n d th t nd t n f n n h h r n f b th r r d d h p bl n t ." C r n b nd v d l n b r tl r d d f n l n , th t t , bl t p n h nd v d l h nfr n l v rn n nd v d l x h n . h pr bl th n b h t r d r n b th t t t lf th n r th n tr t n f pr v t ph r fr fr p bl nt rf r n . S h pr v t ph r n nl nt x t n f th r r rt n t v t nd r ht h h r pr t t d nd nn t b nfr n d b th v rn nt. h r r th t th t t ll nd v d l b b nd b l (th d f Rechtstaat, r n t t t n l t t , nd th t d n f v rn nt nt b bj t t l l pp l nd r v r l n th rt . S h n t n f l b rt n t r ll l h th th n t n f p p l r v r nt b t pl th t th r r n l h h h ld b b nd th p r f v rn nt t lt r, h r th d tr n f p p l r v r nt t th t v rn nt l t d b th p pl h th r ht t v rt rn nd r f h n ll l . It n t rpr n th r f r th t n th r f d r nd p p l r v r nt , l b r l p l t l n h ld fr nt l n p r dr f n p l t l t t — t t h n r n t t t d th t th ppl th l t p bl p f r nt rf r n b th t p r r d r t j r t th t nh b t l l t r . M nt r n 12 r h f r t f ntr l b n p r t n h h ld t th p rt nt t n f n t r p l t f th h nd f p l t n h f nd r nt h n th dv f C rr n C n h h ld r v ntr l f th n ppl fr th r r nd th C b n t. h th n n b h nd h pr p l pl . A nd rr n n f th nd t n f r r t t f n t n, h n f r l b rt t x t. ` l t n nd b r r t r pr n t nt rf r th th n ppl n p r t f th r bj t v , t r l t n h ld t b tt r f d r t n nd b n tr nt th n h h ll v rn nt r bl d t p r t . Wh t v h n t n r d b l t th t th d rn t t r n z d n pr l th nn r th n n , f r x pl th j d r , b t l th l t r , nd p rt f th b r r , nj n v r n d r f t n fr th v rn nt nd n t t t n n r h tr h h v rn nt nn t nd b t t p r d t pl . h r t b l f t t n r n t bj t t d r t l t n nd ntr l nd th l b r l pr p l t tr p f r f n t n f v rn nt nd h nd th t 8 E SOCIA IS EGIS E 1979 n h n b r r d l tr t d th th p bl nt r t th n n p l t n d b h rt t r p l t l pr r . An lt rn t v ppr h t r v n rt n r f t t t v t fr p l t l r t n nd d r t pr r th tt pt t l t v rn nt t v t b d nt f n nd v d l r ht h h r pr d f nd nt l th t n v rn nt n nfr n th nd t ll b ll d fr . h ppr h l d t ll f ht nd r tt n n t t t n , h h h v nj d n d r bl r v v l n r nt r ." b rt M , f r r d r t r f th t n l A t n f r r d nd p h r t r t M r r t h t h r, p t f r rd l t f r h h h r h ld b b nd th p r f n l t d v rn nt: th b l t n f d r , th b nn n f r l b l f , th d tr t n f th f l , th thdr l f th r ht t n r b th pr p rt , nd th pr v nt n f th x r f nd v d l h n h lth nd d t n." h d b h nd b th ppr h th t th pr rv t n f l b rt r r th t th r b v r pr l t t l l t n, h v r d r t ll n t t t d th l l t v th r t b . r n th l t h r f l f r f v rn nt, b t t ll ff r fr j r fl —th r f r n t n n b d t n tr nt t l t h t th v t r n v t f r n th th t th r l t n h t th n r n b . S n v t r r n t bl d t n d r t , p t t v b dd n b t n th p rt d v l p , nd d r t v rn nt t ff r r th n th n d l v r th r n n f r th r h ndl n f n p l . A M lt n r d n h p t t:"
h f nd nt l d f t f th p l t l h n ( th t t t f h hl ht d v t n nd r h h th p l nt r t h v r t n nt v t pr t th r n nt r t t th xp n f th n r l p bl . h b n f t r n ntr t d th t r d ff d nd h v th r f r b n th r t pl h h l d t v r r t r xp n n n th p f v rn nt nd lt t l t ntr l v r th nd v d l .. In th n r t .. h p r n t h t h p f r. h r d ll r f r d ll r r l t n h p. h r f r , h v n n nt v pr p rt n t t th t t x n h t r tt n .
r th r f r n r v r r t r b r r t nt r f r n th th pr v l d pr v t ph r —th ph r f r t r l t n h p b t n nd v d l . A b r r r , th l E EE ECO OMY A E S O G S A E d l n —th nd f b d t n t n . d n t t th t b r r n b d p n d th (h th ht n v r t p n n th t n , b t h d r th t f r l b rt t fl r h th r l f l t d n t th r l f b r r . G n r l l , . ., n n r l th t r ppl bl t ll, t r l t l b h v r v r d n r p bl nd d r t n r d n tr t v d n b n z d h p bl . h n f ll t v ( h t t, f r , th pr l d t t t l t r n nd ll h t r n lf r t t nd l p l n th nt n l , f , nd n th d r rd n f th d t n t n b t n l nd d n tr t n, th t l b n t n f r h n th r th f d n tr t n b t n f f l t t n t, b pr v d n n n p f d d r t n r p r f r v rn nt n . r th fl th pp t n b t n pl nn n nd th r t. h r t p t nt ll th ph r f fr , v l nt r nd v d l b h v r r l t d b l , nd pr t t d fr th r n pr t d th r b th r nd v d l r b th t t . l nn n n f th ntr n Of th nr l t d d r t n r p r f p l t n nd b r r t , 6 pp dl t n n th n t n l nt r t, n rd n th th h f th l t r t , b t n pr t nt rf r n th nd r d n th nl nd f l b rt th t p bl . h th t b bbl fr th f r nt n p t f l r t r t n th t d r d n r nd n thr t n l b rt , n d t b r r l ntr ll d nd l t d. h tt h nt f th th n r t d r pr r , b d r n t f n d ff lt th r n f d r r n r b rd n th t th l b r l t t rr . It b v r h rd t p r th r ht n p l b th d t n n n t r f n pl nt nd l v n t nd rd , nd th t v pp t n f n p rt , r n z t n , nd r p , n l d t th ll p f b th l t r l pp rt nd th p l t l nf d n nd d t r n t n f th v rn nt. h r th r t r t n f th l b r l t ld b , th th r t , f th n d t r r n d p p l r nd t nd t nt n v l l b rt r r v d r t l t p nd d f r t . Gr t pl d n th l t r t r f th d t n t n b t n th r t r n nd t t l t r n . A th r t r n r , l Ch l , r r rd d f r pr f r bl t t t l t r n r l nd z G r n , b h l t th nt rf r th p l t l fr d , th d n t nt rf r th 1 0 THE SOCIALIST REGISTER 1979
n fr d tr d n n r f r d b nd d r r pr d, b t f r n nv t nt n t nt rf r d th nd t z n r t ll fr t n nd b th pr p rt , nd t b nd ll th r pr d t nd th r l b r p r. h nt ll t l d h n t f th p t n l r n b z G r n r rd d t t l t r n r th r th n th r t r n, d p t th v r h l n v d n th t, l r n Sp n nd n h t Ch l nd p d p l Gr th r d d n t nt rf r th th n fr d f pr v t p t l, b t n d r bl n r d t, b ppr n tr d n n nd pr v d n t bl f n n l nd r l nd t n nd l t f xp n n. h d tr t n f p l t l fr d l r r tt bl , rd n t r d n, b t l rl t n t t b p r d t th f r r r l f n fr d f r p t l.
f n n fr d th d , nd d tr t n d r nd b r r r lt, rt n d f n t n n f ll f r n p l — t f pr n pl h h r t d n th n t n f th nd v d l r xtr l d r bl , p bl f d ppl t n, nd f r th b b n f th rr nt nt ll t l r v v l n th r ht. h t t h t b b th tr n nd t v — nt n n th nd t n h h r nt nd v d l l b rt . hr n n r d nt f d—th r t f pr p rt nd ntr t fr p t t n nd t bl n . Or K th ph h p t t r d r v l :"
G v rn nt n h lp h ld th r n , pr v d nfr tr t r , nt n t bl rr n , fr r f l , pl nt t n f l nd rd r, pr v n f f t n t, d f n f pr p rt r ht nd ll th r r ht nv lv d n th n pr .
h ntr t th K n n p l t l n v r r d. t r K n n th n n pr p d f r t r t f r n p l —f ll pl nt, n r th, t bl pr , nd rpl n th b l n f p nt — nd n v d n n th n tt r f f n t n n , f t r n , f dj t n th n r t thr h n t nt pr f nt rv nt n t p th n t n l n n b l n . h l r t d tr n ld t ll t t r t , b t nl f r th th n l n ppl E EE ECO OMY A E S O G S A E
nd p bl xp nd t r th t r p f ll nd r v rn nt ntr l. On ll th r d t l d t n f n p l —p rt l rl pl nt, th r t f n r th, nd th x h n r t f r th rr n —th v rn nt ld d pt n tr l p l t n , d l n r p n b l t f r n t ." p n b l t f r pl nt ld b p d t th tr d n n , nd r p n b l t f r r th t th nd v d l pr f r n f v r , nv t r , n r , ll xt rn l r t n nd d v n pr v d n . h n th t n n n d b n pl d l n th r pr p r d t pt l n h (n t v f n r , t n nt t pl th , nd l n tr d n n d n t tr t pr v nt p pl t n r b n f r d nt pl nt t h . h ntr p f th tr t n , t n d nt th t n t r h r v d h d tt nt n th p rh d f th n l b r l lt n K n n . M n t r , h v r, t dv t p nt t, n t n d tr n nd f r t f th p t t h ndr d r h b n th rth d x ppr h f n t t n t r t n . h d l f nd n nd b l n d b d t nd x h n r t f x d n t r f n n rr pt bl t nd rd, ld, d n t d th rl d v l p nt nd pr d f nd tr l p t l . h d f nfl t n n t r ph n n n th t n b tr d t n v r xp n n f th n ppl b v rn nt , h l n b n ntr l t n t f l b r l p l t l n nd n rv t v t t n h p. h n f n f th r t t nt f th d tr n n , l n t n t ff n t hn l d v b t n t pl t n f r p l n th r f ld , p rt l rl th n nt f d nd nd th p bl t r. A t hn l d v n t r r l n f rth r n tr nt th t n nd h b n dd d t th r r f v rn nt n t p th nf d n f th f n n l r t nd xt rn l r d t r . A th t r nt b r G v rn nt h d, n t r , n th n f f r n t r d l n nd ntr l f p bl xp nd t r thr h h l t , t p t bl th n p l , pr ntr l , nd tr l tr t , nd ll th th r nt rv nt n t p r ph rn l . h nv r n f ll v rn nt t n t r t d n n th t f r d n th n rd r t nt n th nf d n f th nt rn t n l f n n l r t . h pr f nt n n t f nd th p bl t r b rr n r r nt nd nt n xt rn l nf d n n th rr n th t v rn nt h d t r d th d t r t f nfl t n b r tr t n th n ppl , nn n n n t r t r t nd h ld n b th r th 2 E SOCIA IS EGIS E
pl t n t h v rn nt h ld tt pt t n th n . r n l b r l , h v r, n t r n t pl n f r n th n nt pr bl f nt rv nt n t v rn nt , b t th nl ntr l bl t n l d p n v rn nt n n p l . h l n b t n n xp nd n p bl t r nd nfl t n n t ntl tr d— nfl t n b n r rd d t x th t n t ntl r d tr b t n n t th dv nt f th t t , nd th r f r n f th h f r f f n n f r th v rn nt, h l t t th t t d tr v n , nt rpr nd nv t nt ( lth h t r tl b t p l t n . At th r t f th p t n th n t n th t nl n x pt n l nd h hl t p r r r t n ( n l b r l th n th 0 n n n pl nt b r d d b n xp n n f d nd th t n t t d b ntr l v rn nt nd d n t th pr p t f r n pl nt r n th l n r n. If v rn nt nn t r d n pl nt b t l r t n l htl h h r r t f nfl t n, th n t nt t xp n n r d nd p l nd r n pr p r t b th b d t rt n th p tt rn f d nd ( t pp n f r n b n r pt th t th r ld , nd f l t t n n t nt tr n f r f r r nd pl nt nt th p bl t r. K n b n v l nt t l r n f nfl t n l r v l th n n pl nt h t n l b r l b tt rl tt n , b th r rd n pt n f nfl t n r p l nd r n n th b f th r t rd r. Wh n K n r th t Infl t n nj t nd fl t n xp d nt. Of th t p rh p fl t n th r b t r n n p v r h d rld t pr v n pl nt r th r th n t d pp nt th r nt r , r n th t th r ht r d f r th tr d l n t t b f nd n b l h n b nd th p n p r n ntl n l p b t n b l h n l p nd th p n p r n ntl n b ," h n pr t l t n t h v rn nt ld t t th p t f th pr n b n th r ntr l f th lr d v t t t t r t n p l t th l v l f d nd n th n . G v rn nt n n p t l t n h d l n b n nt rv nt n t, p rt l rl n nd tr l nd tr d p l . K n , h v r, pr v d d n f th f r t p r v th r t l j t f t n f r p nd n th pr n pl f rth d x f n n , nd n tt n l pr v d d t f pr n pl th t nd r r t th r t nfl t n r b f th 0 nd 60 , h h rt nl t d, th h n t d, b th r l x t n f E EE ECO OMY A E S O G S A E
ntr l n pr v t r d t nd th r r bl xp n n f p bl t r v r h r . If th v rn nt n t r p l r nd, th n n j r h t th n r h nt f th p bl t r nt th pr v t nd t th nd r n n f thr ft, nd tr nd nt rpr h b n t bl h d. It r l v v rn nt f t r p n b l t f r xp n n nd pr p r t , b t t d n t r l v t f t bl t n t r t f n t n th h ld, n r d t r l t p f v rn nt xp nd t r r nt rv nt n n th pr v t t r. h h l tr d t n f l b r l p l t l n h n t d th t v rn nt h v d t t nd rt th pr v n f p bl d , d f n b n th th t l t d. A d fr th , th pr pt n th t th r t ll n r ll ppl d t h l r t th n th t t , nd h ld b pr f rr d. h r nt t rn n th n t n f p t t n nd th ntr t b t n th p rf t r t nd th p rf t t t —th p rf t n f th t t b n h r t r b t h n p l p r . hn xpr th t nd rd l b r l d : 2
th ff rt ... f v rn nt t n p l t r r tr t r t btl nd pl x p t t v pr v t nd tr r l l t f l ld th ff rt f r p f r nd pl f l h ldr n t r p r d rn hr n t r.
h nd tr l p l th t ld p n nd n ld th r f r r r dr t r tr t n n ll t t n t v t , h th r nv t nt nd r n l b d , r h lp f r r r . It t p l f th ppr h th t t n l b r l ld th n t r p rt nt t ntr d p t t n nt th n t n l z d nd tr b d ntr l z n th nd nd n th r l l n p l nd nt b l t t n t r , th n b h nd n th b t pr v t n r . 22 It l f ll th t th v rn nt h f r l n pr rv n p t t n t n r fr d f ntr nt ll nd tr nd th n r l nv lv b t nt t fr tr d , p rt l rl n v f th r th f rld tr d r d th n r d nt rp n tr t n f p t l nd n t n l n v r th l t th rt r . An ph n fr p t t n nd fr d fr t t nt r f r n ft n r rd d rd n l b l f f h p p r nd ll n f t r r , nd n r t d nd f r th ntr l nd d p r l f pr v t n p l . S l r t l t r t r , h v r, 4 E SOCIA IS EGIS E t l t n r t n nd A r , n n d t pr nt t pr p l th d nd f n ppr d p t t b r r v n f n r . C rp r t p t l xpl tl v nd t d. ICI r p t bl n n nd v d l th n xt n nd nt tl d t th n d r t n, fr d , nd r ht . A th h l l r t :"
h t n p p n th f ll n rv pr b bl th n f n t t d n f nt rpr n p l . h bj t x l d d ft r r f l n d r t n nl b t d n t t p th p rt n nl tt h d t t. r l b r l nt n p l p l h ll b n th n bj t f th r r f r t r z l. I b l v I h v lf n th p t d th t t l r nt th t nn t h p t rb th r v p r f l b r n n nl t th t tt nt rpr n p l . I h v , h v r, b nv n d th t t ld b d n n t r pr nt th x t n n p l n th f ld f l b r nd th n th f ld f nt rpr b n f th nd ... I h v b n r n l pt l ... b t th b n f l h r t r f n d r t n r t n f v rn nt n t p rt l r n p l , nd I r l l r d t th rb tr r n t r f ll p l d t l t n th z f nd v d l nt rpr .
Aft r nfl t n nd n r h th n thr t t th f nd t n f th r t rd r n th pr v l nd r n z t n f tr d n n . h l t h h rd d t rp r t p t l n t xt nd d t th n n . h ht dd n t th r th t j t f rp r t p t l l r rd tr d n n n r dj n t f r th ff nt pl nn n nd nt r t n f th l b r f r . r t h nd A r n l r t th r t d n t t th v b th r rd n p l p r f n n n th l b r r t th pr n p l r n f r r n v rn nt r l t n f th n nd l x n t r p l . h b tr d n n d t rt r l t v pr n th l b r r t, n n t v t npr f t bl th t ld th r b pr f t bl , r t n n pl nt nd th p d th ntr d t n f n t hn l , r d n b l t nd fr z n th p tt rn f pl nt h l t th p tt rn f d nd h ft n . h n p rf r l ll th n t h ld, nd v rn nt nd r pr r t r t n nd n v t nt rv n n pr v t nd tr t tr t t r ff nt, nd xp nd d nd t r d n pl nt. h r t nfl t n h h p th n pr p r f r E EE ECO OMY A E S O G S A E
h l b t t th xp n f n th f n l r h nd th l f r r n z t n r xt n v . 24 Wh t p rt l rl r f r n l b r l b t th x t n f tr d n n th t th nn t d v r n n r l f r th t ll. h r n f th nf rt n t n t r l v nt l th S h r rt. r nt th t n n h v l f n t n nd t n pl f n th b r n n pr n l r r n z t n , nd th n th p rf r t v l bl rv fr ndl t , h n th n r th r b r n t lln nd n pl nt. t th d th t th n n h v h d n th n t d th th p r n nt r n f b l t v r l r t d. h n nl ntr d rt f l r d t nt th tt n f r l t v , pr n n n n n t t f r nd pr v nt n th t r p d dj t nt f th n t n t hn l . h b f n n p r n pr v t r n, th nt rf r n th th nd v d l l b rt f r r nd pl r . En h ll r d n 68 2 th t n n p r r t d n thr l l pr v l th fr d t nt d t ( . ., p t n th fr d t p t th p n t nd th n t f tr d n n fr t n f t rt. W thdr l f th thr pr v l ld rt nl r v l t n z th r n f th l b r r t t ld rt nl p th rt b nd, f f l, t ld h n d v l th b l n f f r b t n th l n pr d t n t lf. In M rx t t r t ld r t r th f ll p r t n f th nd tr l r rv r f l b r. h p r nn l pr bl f l b r ppl n p t l t l f r t n —th r ht l b r, n th r ht nt t , t th r ht pr , ld b ll v t d. In t tt t d t rd tr d n n th p l t l h r t r f l r t d tr n b l r. h rp r t l b r l , b t rp r t l b r l h h n p r d f r n h f nd r th xtr b rd n h h tr d n n nd nt rv nt n t b r r p n th r p r t n . S l d r ld b ff rd d n t f xp n n n p r d f r n t dd nl b tl . If th n t r n fr th t t h t b tr n nd n h r tr n r th n n t d l n th r n z d l b r. h n n r x d d r t r p n b l t f r nfl t n ( n r n nl nfl t n f th v rn nt ll th n ppl t n r t f n n h h r pr . t th r d d r tl r p n bl f r ll th r ll f th r t n — n pl nt, t n t n, nd d r pt n nd th tr n t r n b j t f d n t th b n n th p bl nt r t . S l r t d tr n ff r nt ll t l 6 E SOCIA IS EGIS E
r n t f rt f th p l t l n l ht n l d r nd t n r n z t n l pp rt, th tr d n n .
4
h d tr n f th l r t n t h b n pr nt d h r n b n t b r t t nt nd r v v l f f th th f l b r l p l t l n , h h h v t nd d t b b r d th th nd n f K n n nd th n r n p l z t n f n br n h f th t . Wh t th l r t n n t, n pl r v r n t th d l f p t t v l z f r n h h t n d l l v l f r th pr nt pr bl f p t l l t n. h nt n n tr n th nd n r l v n f l b r l p l t l n h t b ht n th b tr t r f p t l t l f r t n . It n t j t t n f d l l b l f b t f th l pr t n h h th r . 26 r th t ndp nt l b r l p l t l n th th r h h tr t p t l pr r l t f pl d t pr d t n, h t M rx t r d th ph r f r l t n r d t x h n , v r Ed n f th nn t r ht f n . h pr bl f nt n n p t l nd pr v n t f n t n n v d l t nt r l fr th t ndp nt f h r t r . h r t v d th t ff nt f f nd n l t n t th pr bl f t f n t r l n d b t r h t th th d f l p r t n th t n r x nd v d l h nd n ( r bl t . h n rn f th l r t d tr n r th r f r th th b nd t n th t r t r — nd n , r t f pr p rt , p t t n nd h th t nt t th d f nd v d l x h n pr v l th t ll th pr bl f p t l r r b d t r d t nd nfl x b l t n n t t t n nd pr t h h pr v nt th r t n fr r n . On f th t n t r x pl th d tr n f th 20 nd 0 th t n pl nt nl x t d b r t ld n t f l f r n h. It n d th t h b n r b rn t d th M lt n r d n d tr n f th n t r l r t f n pl nt 2 — r t h h d t r n d pr r l b th d r f p rf t n n th l b r r t, h h n l d h n d nt l tr d n n r n z t n, b d z d n l h n , nd l r t b n f t . l b r l n t r bl r ntl t n l d th t th r l n r f r f ll pl nt n b l th l r t n . E EE ECO OMY A E S O G S A E
h l r t d tr n t d p f n pl nt tt r f r p l t l n rn r v rn nt nt rv nt n, b p tt n th bl f r n pl nt n th f l r f nd v d l nd n t t t n t d pt th lv t th r r nt f th r t, h t v r th t n l nd p v rt , d r l z t n nd pr t d n t , l t ll nd l t p rp . A K th ph r ntl t ld r r n Cl d d f d th r d nd n 00,000 r r h n j b n r t n v r , nd h v t d th . W th r th n ll n n pl d n th j r p t l t t t th d tr n rv t r n l v rn nt nd l t r t t p r n nt h h l v l f n pl nt. h p r f th l r t n , th r f r , n t th t t r v v n n nt d l , b t th t t r t r f l n t p t l nd t pr bl h h h b n p h d d b th r n pt n nd b th p l t l nt rv nt n f th r n l v nt, b t h h h r v v d b f th nt n n p rt n f th ph r f d t x h n n th t l r n f p t l t n . Ind d th ph r h n t hr n b t xp nd d n th h d f th ll d l z f r n , r nd r r f l l f h v b n r l z d, . ., br ht th n th ph r f x h n nd d l n bl . In f ll d v l p d x h n n , t ll x pr f r t ll t, 28 v r th n h t pr , nd v r n f r d t b r h nt nd l v b b n nd ll n . A n t n f lf t n d t xp r n th tr th f l b r l p l t l n d l . h r v d f t, h v r, f l b r l p l t l n l n t h ndl n f p t l, n t f l r t p r v h r d ll th tr t r f th r t n tr n f r d b f r t th r n , nd th n th d v l p nt f p t l th n t. th l f nd v d l x h n dd d th l f p t l l t n. If pl d t pr d t n r nd t rb d r d ll n r r h nt nd nd p nd nt pr d r th th r f th l r t n ld r t l d r b th n th t x t d. t t b t p bl f r f th nd p nd nt pr d r nd r h nt t b p t l t , b n l b r p r, r n z n pr d t n, nd ll n d t t r l z rpl v l , th t p rt t d ff r nt d n t th d v l p nt f th r t n . A l t n h t r thr h x h n , b t t v r t d ff r nt rd r f pr bl nd d ff r nt d r t n l d v l p nt. h f r t f th pr bl l nfl t b t n th t l 8 E SOCIA IS EGIS E
f nt th t, h v n b ht nd ld l b r p r n th r t, n nfr nt n n th r n pr d t n. h nfl t f nt r t br n th r t n f d f n v r n z t n h h br th nd v d l h nd x h n n f v r f th b n f t fr ll t v t n nd l d r t . In t n th th r l p r th fr r n f l b r r t . S h r n z t n h v t t b n ppr d b t r ft n ll d t b l l n t t t n tr d n n nd p l t l p rt . S n f r l r t th r t l b r p r d t j t l n th r (`th r r h nl h pr d t v t t ll f v r t ph r th n d t r nd th r r pr n f tr d n n n rd r t r r t n t z d l b r r t r pr r f r h h ll tr p th h r f l ff t f th n n th t h v b n d t r n l r n z t n n rd r t r d nd ntr l l nfl t. h pr bl th t th b n f t f ll t v t n nd d f n n r ll t h th b n f t fr r t r nd v d l r t fr d nd h . A n f t r t d r r h v n t d r r tf ll , th l t f r t n t t t n d ff lt t r , b th r t nt ll r l, d r t nl , nd t xt nt rb tr r n th n h h t d tr b t n nd lth, r rd n l nd t t h ll nd ff rt. h ld r th r h n p t t b r r l j t f t n f r p t l , h h h t h r r l rl tr p t f rth, th t r rd r l t d t ff rt nd ll. t h r d n t n h l n b n d rd d b nd th th r dv n d th n r f l b r l p l t l n ." h r th t t fr tl t th r r t r f rn n th p tt rn f r t t . Att pt t t bl h th r l d t r v d t rt n f th r t rd r. h n h h t d v l p n th t nf r nd n r t d pp rt n t nd r rd r n t ntl b n r t d. h ph t t d f th th r t th t th r l t f th r t h ld b pt d b v r n l t t b f th n r l b n f t v r n r v fr x z n f pp rt n t f r nd v d l x h n nd h . h n t n h n t pr v d r t p p l r t, nd h rt nl th r b n nd r t d r n r d b th h r t p h f r th C n rv t v d r. It p nt t p r n nt n n th p p l t d l f lf h lp, b nl n r t n v r h lp th lv t th b nd n th d l pr . If th b t h p f r r l z d, nd th l t f p t l r t b f nd d n l n r n th tr d t n l th r t f Ch r h nd St t r n E EE ECO OMY A E S O G S A E p p l t d l f , l n, r E p r , b t r l n th r t rd r, th n t th v r l t p t l f b nd n ld b r r d, th t th v t j r t f th p p l t n th t pr p rt , th t nh r t n , nd th t l , ld t l t d r v t n bl b n f t, nd v th n t th r t nt rn t n l p t l t t ll x h h r l th r l v . S h b nd n h rd t r nt d t th nd t f pr bl h h p t l l t n p f r th r t rd r—th pr f t b l t f t nt rpr . S n th dr v n p rp f pr d t n n l n r n pt n b t l t n, pr f t r t p rt n nd t th t pp r h hl pr r , l t h h n r th l f p t l t pr d t n xp nd . A r lt p t l t d v l p nt h b n p n t t d b v r r , n t b l t nd d pr n . h r l ntl r h f r n r f pr f t h br ht n t nt r r n z t n f t pr d t v b , l d n t n r n n ntr t n nd ntr l z t n f p t l, r p d t hn l l nn v t n, th r d l xp l n f l v n l b r fr th pr d t n pr , nd th t bl h nt f rld d v n f l b r. S v h b n th d v l p nt f l pr d t n nd r d l t tr n f r t n f l n t t t n th t t r r d th r th f p bl r p n b l t nd n t t n n n f ld . h l r t th r t r tl bl nd t th r th r bv f t. M lt n r d n r b th t d r th f p bl p nd n fr 06 n rd t pl d h r t bl nt nt." l t n nd nt ll t l nt d t d d t pr v t , b t th h th d h h lt t l d tr t v f th r nt nt n . A rd n t r d n th l v nth nd nt h ld r d v r n h ll b fr t d d t h n xp n . h ld lv th pr bl f th r th f th t t . S h xtr p l t l n v t r fr th r t l t n h h th pr bl f p t l l t n f r th r n z t n f nd tr l t d n t pp r, th t r l b f r t t nt rv nt n n r ll n t l p d. It r b d pl t p l t l ll nd t n d . h p v r l t t n n th th r , b t n t nt n n n f r th n n thr h f th t p rt nt pr bl nfr nt n p t l t t nd th r v rn nt . On pl t n f th n l n th th t th r l t t f th r n f l r t tr t n r t n d n t l n p l t pr r b f r n ppl , t x t n nd p bl xp nd t r , h h nl nt t n rth d x d fl t n r p l , 20 E SOCIA IS EGIS E b t n th r d n t t l th n b t l t th r l z t n f l r t n —th r n z d r n l . 2 W th t r t r d ll r d tr d n n n p l p r , th f n t r t p l ht b r l h p r d thr h th r t n f l v l f n pl nt nd r t f r th th t ld b h rd t t l r t p l t ll r l t r ll . On f th tr t r l f t r f th p l t l r t h h l r t th r t ft n v rl , th t th r t j r t f l t r r n t p t l t nd v r b t r r nd n r . h h v nt f pr p r t h b th n th t xp t d fr v rn nt p l , n t th n th t th r p n b l t f h nd v d l. fl t n f p r d f r l n n h n nd n nd h lt th n r h nt f th t t , b t t ll n t br n pr p r t nl th fr f n t n n f th l b r r t r t r d. h nl lt rn t v (th n U t rn th pr nt C n r v t v G v rn nt ht nt pl t , d p t d tr n l r pl nd EEC pp t n ld b t ntr d th nd f p rt ntr l r d b th C br d E n l Gr p, th n t hn l p l f r n n th r t h n h h t h v n h n f r n t fr h v nd nt n n d fl t n nd t n t n t pr t t th b l n f p nt nd p ntr l f th n ppl f r l n th rr nt r n l t . S l r t d tr n n r p v t nd r n t n b p l r f d b t n t n nd r n. l lr d b n h rd f th l b rt r n dv nt f t n t x nd p bl xp nd t r , r rdl f h th r th d n t l t n xp n n. Wh th r h p l n b nt n d d p nd n h th r th p p l t p t n f tr d n n t , r nt nd lf r l nt , n r t n ff nt p l t l nd l t r l pp rt, nd f rth r nt d t nd d r l z th l b r v nt, n n t p l t l pp t n.
h r nt pr nt d h r th t th l r t n t b d t n h d fr th p p l t pr nt t n f f t th n rd r t nd r t nd th dr v n f r t h p rt d t th nt ll t l r v v l n th r ht. It t t r l b th th r f th ph r f d t x h n th t v t t r n nd ll t t d n t h f th nt ll t l nt f th d rn t t nd t pr r b p l f r th r n th t r r p dl b n rth d x . E EE ECO OMY A E S O G S A E 2
On th l ft th l r t nd f nd nt l r th n n h n t rr d. h ll n b t n th t t nd th l b r v nt d r n th r r t d th p l t l b f r th l d r t K n n n n nd th b l f n th ff n , d r b l t , nd j t f t t t n. h n n nt n d r r bl l p thr h th l n b , b t n th t th pr bl f n n p t l l l r t v bl f l n . h r v v l f th p r p t v f l b r l p l t l n n r p n , nd pr v n xtr l p rf l, r nf r d t b t tr n l t n nt th th f p p l h r ll n ll r n b th th r lt f n v rb r n nd n ff nt t t , nd th r f ll nt nt n d, bv r v n r t h d t rb rd r nd thr t n r t . h j r r p n t th th n th r t h l b r v nt h b n th lt rn t v n tr t , r ff r t n f th ld ll t v t f th f l d r —th pr f r n f r l t n th t nv lv r t r ntr l z t n, r p bl n r h p nd r p bl xp nd t r , ll f h h nt l th tr n th n n f p rt f th x t n t t . h f ht f r l t n p l , l t t n l Ent rpr rd, nd l t p rt ntr l . h xt n n nd tr n th n n f th t t th t h v d b l d r nd K n n r rd d p rt f th n t f th l b r v nt, t b d f nd d n t tt nd t b d th b fr h h t th n xt dv n . An th r r p n t rt fr th d l l nd p l t l n f th l ft nd t r r t th pp t n l nd nd p n d nt r l f l t nd th l b r v nt th n p t l t t . It h th b t ff rt f l t h ld t rd tr n th n n th x t n n f th t t r t xt nd n th r p r . h r p n ft n r t z d b t pp r t pt h f th f r th l r t n , t l t h r th tt t d t ll t v nd t t nt rf r n n rn d. It v r b th th d f n v l br t n f th pl r l f th fr r t, n th r nd th t fr ll t v b r n n b t pr rv th b l t f r n l r n z t n t d f nd r n l nt r t , nd th rr ntl tr n r v v l f nt r t n ld l , nd tr l d r , nd p r t v n h n , nd tr nd d t n — tt pt t r t n l t n t nd xp r nt , n th fr d . r t rd r pr v d . h t pr n p l r p n n th l ft t th rr nt r n nd th p l t l h ll n fr th r ht b th tt pt t r t n nd p nd nt l t l n b d n l t ndp nt, n n 22 E SOCIA IS EGIS E t r f p l , th th r n t r f n t t t n , b t th r ft n t l nt n d th n th n v r f th ht nd pr t th t h ll n . On r n h th l r t d tr n pr v n h f l t l t f r p p l t d l n th r ht th t t b t f nd nt l . S n x h n nd th r t d pr v d b p n h h ll l r l t n n p t l t t n b r p d nd v l t d, l r t d tr n h n v r l r h, n t ntl t n f ppr h n nd lv n pr t l pr bl . If th r ht rr ntl nj th dv n t n r nt b t h t p th th r n, t p rtl b f th lf l p p l t tr n l t n f t th nt r v n b t t x , tr , nd b r r , b t t l b th l r t d tr n d p r th n th n tr n t l nd n r l ppr h f K n n , nd r t t th f r p t l n t t f nd M nt l nd tr n t f r — r t rd r h h x z nd v d l fr d nd h . It th h h M rx t t nd n l d t l n th n th Gr ndr nd n Capital, b h b l v d t n r t b l t p l t nd l t tr t p n r t f t. nt d t b nd th r l t p l t l n r ` l t r t n b pr v d n n t d l t r t f th pt n n h h l b r l p l t l n b d, n rd r t t th pr t l ff rt f th r n l v nt n tr n f r n th l r l t n f l t . It th r t h h n d r v v n n t d , n th t f nd nt l r n n t t . It ph z th ph r f pr d t n r l t n nd th l b r pr th t rt n p nt f r r t z n th b r d l f th r t—th nd v d l l l t n nd p r t f lf nt r t, nd th d t n nd dj t nt f nt r t thr h p t t n— th d l f ll l r l t n . nd nt l , n th n f d t dh r n t th r t n nd pr pt f p t th n r , l t r l , b t f nd nt l , n th n f r d v r nd r th n n f th nt l p t n f p l t l v nt, n t f t nd p nd n nd v r r t nt n . In th pr nt p r d t hn l nd n r l d tr n ll n t b th lv pr v d th b p n h h l t n n b th n t t v n r nt nd tr l , nd d v l p h r nt tr t f r l t tr n f r t n. d th t n t ff nt t n h h n t t t n nd p l h v t b d f nd d, b t l h h f t r f p t l t l r l t n h v t b h n d f r l t t t nt x t n . , f r x pl , d l t th r p E EE ECO OMY A E S O G S A E 2
th th thr pp t n h h l t th h rt f th l r t d tr n : d r l b rt b r r l pl nn n fr d ? C n n t f l r l t n th r th n th r t l t b r r nd t t p r? M t th b f r f x h n r l t n , h n , l , nd th d t b v nt ll p r d d f t f l d v l p nt t b r l z d h h d n t r pr d th l r l t n nd nd v d l xp r n f r t rd r? S l r t d tr n r th f rth t p bl xt n n f l n t d r l t n f d t x h n nd, thr h th , th r l f p t l. S l t n r n th r nt ll t l nv t n nd nf d n f th nfr nt th r nt f r th l r t n b r t t n nd r th n n th b pr n h h th nt ll t l nd pr t l f r l h b n nd t nt n t b b d.
O ES
. p l pr d t f th r ht n p r r r nt ll t n h . C r ( d. , Right Turn, nd n, 8 nd The Coming Confrontation, (IEA nd n, 8. h ntr b t r r n fr l hn n t l G ld, r nt , nd th f Ed nb r h. h tl th lv n d n r d n t v l d tr n nd v t d nt r t . 2. I h v x n d n r t r d t l th h n n C n rv t v rt n t r nt : h C n rv t v rt , n .M. r r ( d. Multi-Party Britain, nd n, nd C n rv t v E n l n . t n nr ( d. Conservative Party Politics, nd n, . . h r rv d b C. . r dr h, h l t l Id f b r l , American Political Science Review, 4 ( , pp. 0 2 . 4. h IEA f nd d n nd h pr d d n t nt tr f p phl t ( v r 2 0 p bl t n . It r r t t r t r nl fr d n t . h C ntr f r l St d f nd d b K th ph nd M r r t h t h r, n 4 nd h pr d d n b r f p phl t , n l d n th n t , Why Britain Needs a Social Market Economy, nd n, . It h l p bl h d ll t n f th p h f t t f nd r ll r n f p phl t th nt ll t l l v l f h h h b n v r bl . . Ap rt fr th r j rn l th h v ll r tt n r xt nd d t d , p ll r tt n, h h r tt n p phl t f r b th th IEA nd th C S. S l h r nt nd p rt nt b , The Economic Consequences of Democracy, nd n, . 6. Cf. St rt ll et al., Policing the Crisis, nd n, 8. . S , f r n t n , S. r tt n, Government and the Market Economy, IEA, nd n, nd Participation Without Politics, IEA, nd n, . 24 E SOCIA IS EGIS E
8. t , n f th G r n n l b r l t f rth h d nd r th n n l n r W rt h ft—St r r St t (fr n , tr n t t . S r dr h, op. cit. . S th n l ht nt n d f r x pl n . l, The Tory Party, r nd rth, 8. l, f r r b r rt b r n t v b r f th r f r Gr p. 10. The Road to Serfdom ( nd n, 44 r th r l ht r , lth h th b t n n f ll r t n . M h r p rt nt r h l t r r t n , p rt l rl The Constitution of Liberty, nd n, 60 Law, Legislation, and Liberty ( v l , nd n, nd Studies in Philosophy, Politics, and Economics, nd n, 6 . . , The Constitution of Liberty, p. . h n t n f r n b l t l v t l t l b r l th r nd t l d t th n t n f th t t nj n n p l f l t t f r , n t n th t ft n n rp r t d n r t ll nt M rx t th r f th t t . h rr r f th n pt n br ll ntl d n tr t d b Q. dl nd n The Capitalist State as History and Logic, , Sh ff ld, . 2. M r nt f r n f ll : `In h v p l t n nd p l t l n t t t n r n n f t t t t d r t th th n r p t n nd nt n t th t f r n t n ( n nd f n n l r n t n f th rld h h h ld l t nd rt n b ntr l b n , nd p nd nt t n f v rn nt nd f pr v t f n n , t d b A. l , Montagu Norman, nd n, 6 , p. 20 . h l lt t t nd th Berufsverbot h r t p . 4. . M , The Collapse of Democracy, nd n, . . M. r d n, ` h n W r t Cr , Encounter, v b r 6. S l G. ll , The Vote Motive, IEA, nd n, 6. 6. A br f p r l f th l r t l t r t r ll r v l h pr f nd th d tr t f th r t r f th t t . h IEA h t n t tr n l t n th t r t t p l t n nd b r r t , t tr p fr t th r f n n nd n p t n nd r v l th f ll bl nt th t th t r n l . h h v n t t h n th r d n t tr n l t th r n d l th r t ntr pr n r nd l r . h t ld b n t nt, f r th r th nt th t l b r l p l t l n r rd nt l f r ph ld n th r t rd r. . K th ph, Conditions Fuller Employment, C S, 8, p. 20. 8. S , f r x pl , A. W lt r , Economists and the British Economy, IEA, nd n, 8. h b tt rn f l b r l n t n t K n n n t xtr rd n r . Cf. W. . tt, Politically Impossible?, nd n, . . S , f r x pl , . C n d n, Monetarism, C S, 8, nd W. M , Democracy and the Value of Monty, IEA, . 20. . M. K n , The General Theory of Interest, Employment, and Money. nd n, , p. 22. 2 . . , Delusions of Dominance, IEA, . S l th C ntr f r l St d r n v rn nt nt rv nt n, h W th M n G . E EE ECO OMY A E S O G S A E 2
22. Cf. S. r tt n, Government and the Market Economy. 2 . , The Constitution of Liberty, p. 264. h r pr nt n d r bl h ft fr th p t n h d pt d n The Road to Serfdom. 24. v n nfl t n nd th n n f K n n r f ll ll t d n A Tiger by the Tail, IEA, 2. S l h b l t r , Full Employment at any Price?, IEA, . 2 . . E. ll, Freedom and Reality, nd n, 6 , h. 0. Wh n ll f r t r d n xp n nt f n l b r l h d d r n nd d l d r d d. t h p n r d th n l h h h n b rth d x. 26. h n t th , h v r, r n th t th d f th l r t n t b ttr b t d t th r th t fr t n f p t l. I r rd th v d n f r th l nd th nd rl n r nt n nd. 2 . r n xp t n f t r d n b l l t r , Inflation and Employment, IEA, nd S. r tt n, Second Thoughts on Full Employment Policy, C S, . 28. S , The Confusion of Language in Political Thought, IEA, 68. 2 . S , n p rt l r, , Law, Legislation, and Liberty, v l. 2 nd S. r tt n & . ll , The Delusions o/ Incomes Policy, nd n, 6. 0. r d n, h n W r t Cr , op. cit. . A v r d ff r nt f l n t p t l fr th h n l p t l t f pr d t n r th r th n t f r t . W. W. t The World Economy, nd n, 8, n x pl f th f r r ppr h h h n v r ll r l t n t r f t . t , h n ll n t p t l h rdl n t n, r th t th pr nt r n ll nl b v r nd p t l pl d n t bl b n f th r f rth r v xt n n f t t p r nd nv t nt, p rt l rl n th n r f ld. 2. h f r r n z d nd th n r r f ll d d. S , f r x pl , K. ph, Solving the Union Problem is the Key to Britain's Recovery, C S, nd S. r tt n, The Economic Consequences of Democracy, h. . On f th t dr t t n f r th r t n f pr f n l p l z d tr br n f r , nd f p r n n t 0 4S h h ld b v l bl t n nt l n t ll t n n th v nt f tr , nd ld pr bl ll l t t b thr t n d nd pl nt d r l n t r . . On r nt j r tt pt t r th n l t tr t , lth h fr d ff r nt p t n fr th n pr p d h r , A. C tl r et al, Marx's Capital and Capitalism Today, nd n, .