Notes Introduction 1. http://www.bbc.co.uk/news/uk-england-london-17380072 2. http://www.nst.com.my/opinion/letters-to-the-editor/two-different-faces-of- the-london-riots-1.58763 3. http://www.nst.com.my/opinion/letters-to-the-editor/two-different-faces-of- the-london-riots-1.58763 4. http://www.bbc.co.uk/news/uk-17261508 5. http://www.dailymail.co.uk/news/article-2024980/London-riots-Ashraf- Rossli-mugged-Malaysian-student-thinks-UK-great.html Chapter 1 1. http://www.economist.com/node/13315108 2. http://www.economist.com/node/13315108 3. http://www.economist.com/node/13315108 4. Nicholas Crafts, British Relative Economic Decline Revisited (2011). 5. Nicholas Crafts, ‘British Relative Economic Decline Revisited’, Presentation, 2011. 6. Dominic Sandbrook, State of Emergency (2010), p. 57. 7. http://news.bbc.co.uk/1/hi/uk_politics/693309.stm 8. Sandbrook, State of Emergency, p. 127. 9. Sandbrook, State of Emergency, p. 81. 10. http://online.wsj.com/article/SB100014240527487041071045745701223 15830890.html 11. http://www.telegraph.co.uk/comment/personal-view/5979462/The-rumours- of-Britains-death-have-been-greatly-exaggerated.html 12. Sandbrook, State of Emergency, p. 592. 13. Sandbrook, State of Emergency, p. 593. 14. Sandbrook, State of Emergency, p. 592. 15. Matt Ridley, The Rational Optimist (Fourth Estate, 2010), p. 303. 16. Sandbrook, State of Emergency, p. 298. 17. Ridley, The Rational Optimist, p. 301. 18. Ridley, The Rational Optimist, p. 301. 19. http://www.ejsd.org/public/journal_article/10 20. Crafts, ‘British Relative Economic Decline Revisited’, Presentation. 21. http://www.thedailybeast.com/newsweek/2009/07/31/forget-the-great-in- britain.html 117 118 Britannia Unchained 22. Tim Jackson, Prosperity without Growth: Economics for a Finite Planet (2009). 23. nef, 21 Hours (2010). 24. http://www2.lse.ac.uk/newsAndMedia/news/archives/2005/LSE_ SuttonTrust_report.aspx Chapter 2 1. Wolfram Alpha calculation. 2. David Henderson, Canada’s Budget Triumph (Mercatus Center, George Mason University, 2010), p. 9. 3. http://www.nytimes.com/learning/general/onthisday/bday/1018.html 4. http://biographi.ca/009004-119.01-e.php?id_nbr=8418 5. Henderson, Canada’s Budget Triumph, p. 2. 6. Timothy Lewis, In the Long Run We’re All Dead: The Canadian Turn to Fiscal Restraint (UBC Press, 2003), p. 67. 7. Jocelyn Bourgon, Program Review: The Government of Canada’s Experience Eliminating the Deficit, 1994–99: A Canadian Case Study (Institute for Government, 2009), p. 11. 8. CentreForum, Dealing with Debt: Lessons from Abroad (2010), p. 19. 9. Henderson, Canada’s Budget Triumph, p. 3. 10. Henderson, Canada’s Budget Triumph, p. 4. 11. http://reviewcanada.ca/essays/2009/03/01/anyone-for-deficits/ 12. Niels Veldhuis, Jason Clemens and Milagros Palacios, Budget Blueprint: How Lessons from Canada’s 1995 Budget Can Be Applied Today (Fraser Institute, 2011), p. 13. 13. http://www.windsorscottish.com/pl-scp-kcampbell.php 14. Bourgon, Program Review, p. 16. 15. Lewis, In the Long Run We’re All Dead, p. 148. 16. Henderson, Canada’s Budget Triumph, p. 4. 17. Henderson, Canada’s Budget Triumph, p. 13. 18. Veldhuis et al., Budget Blueprint, p. 20. 19. http://marginalrevolution.com/marginalrevolution/2010/04/the-public- choice-of-spending-cuts.html 20. Andrew Lilico, Ed Holmes and Hiba Sameen, Controlling Spending and Government Deficits (Policy Exchange, 2009), p. 80. 21. Henderson, Canada’s Budget Triumph, p. 13. 22. http://www.independent.co.uk/news/uk/politics/david-cameron-thinks-that- canada-can-show-us-how-to-slash-public-debt-is-he-right-1741920.html 23. (Lilico, et al., Controlling Spending and Government Deficits2009), pg p. 80. 24. Henderson, Canada’s Budget Triumph, p. 8. 25. Henderson, Canada’s Budget Triumph, p. 17. 26. Henderson, Canada’s Budget Triumph. 27. http://www.bbc.co.uk/blogs/thereporters/stephanieflanders/2009/03/the_ best_prepared_awar.html Notes 119 28. Thomas Macaulay, History of England from the Accession of James II (1848). 29. Macaulay, History of England. 30. http://krugman.blogs.nytimes.com/2011/12/04/british-debt-history/ 31. http://krugman.blogs.nytimes.com/2011/11/30/bleeding-britain/ 32. http://johannhari.com/2011/03/29/the-biggest-lie-in-british-politics/ 33. http://www.ft.com/cms/s/0/a9042452-1a3c-11de-9f91-0000779fd2ac. html#axzz1gJPBneNS 34. http://www.newstatesman.com/blogs/david-blanchflower/2011/06/credit- card-cameron-basic 35. Niall Ferguson, The Cash Nexus: Money and Power in the Modern World, 1700–2000 (Penguin, 2001), p. 53. 36. Ferguson, The Cash Nexus, p. 129. 37. Ferguson, The Cash Nexus, p. 130. 38. Office for Budget Responsibility, Economic and Fiscal Outlook, March 2012. 39. Carmen Reinhart and Kenneth Rogoff, This Time is Different: Eight Centuries of Financial Folly (Princeton University Press, 2009). 40. Reinhart and Rogoff, This Time is Different. 41. http://www.thedailybeast.com/newsweek/2009/11/27/an-empire-at-risk.html 42. http://www.thedailybeast.com/newsweek/2009/11/27/an-empire-at-risk.html 43. Christina Romer, ‘Macroeconomic Policy in the 1960s: The Causes and Consequences of a Mistaken Revolution’, Lecture, Economic History Association Annual Meeting, 2007, p. 26. 44. http://voxeu.org/index.php?q=node/5395 45. Manmohan Kumar and Jaejoon Woo, Public Debt and Growth, IMF Working Paper (2010). 46. Reinhart and Rogoff, This Time is Different, p. xxxii. 47. Edward Nelson and Kalin Nikolov, UK Inflation in the 1970s and 1980s: The Role of Output Gap Mismeasurement (Bank of England, 2001), p. 14. 48. Romer, ‘Macroeconomic Policy in the 1960s’, p. 9. 49. http://news.bbc.co.uk/1/hi/uk_politics/3288907.stm 50. Edward Balls, Euro-Monetarism: How Britain was Ensnared and How it Should Escape (Fabian Society, 1992). 51. http://blogs.independent.co.uk/2011/03/30/origins-of-the-cameron-balls- feud/ 52. http://www.economist.com/node/105528 53. http://blogs.independent.co.uk/2011/03/30/origins-of-the-cameron-balls- feud/ 54. At the time, Permanent Secretary for the Treasury. 55. HM Treasury, Reforming Britain’s Economic and Financial Policy: Towards Greater Economic Stability (Palgrave, 2002), p. 1. 56. HM Treasury, Reforming Britain’s Economic and Financial Policy, p. xi. 57. Robert Peston, Brown’s Britain (Short Books, 2006), p. 167. 58. Peston, Brown’s Britain, p. 42. 59. William Keegan, The Prudence of Mr Brown (Wiley, 2003), p. 250. 120 Britannia Unchained 60. Keegan, The Prudence of Mr Brown, 2003. 61. http://www.independent.co.uk/opinion/profile-ed-balls--browns-young- egghead-1148933.html 62. Peston, Brown’s Britain, p. 171. 63. Peston, Brown’s Britain, p. 174. 64. http://specials.ft.com/budget2002/FT3QIZPK50D.html 65. Peston, Brown’s Britain, p. 273. 66. http://budgetresponsibility.independent.gov.uk/pubs/Historical-Budget- forecastsFER2011.xls 67. http://specials.ft.com/budget2002/FT3NMVSU60D.html 68. A structural surplus or deficit is the estimated budget balance ignoring temporary effects from a boom or bust. Structural balance ensures a balanced budget in the medium term, without any discretionary decisions on the Government’s part. 69. http://www.nber.org/digest/nov11/w17239.html 70. HM Treasury, Reforming Britain’s Economic and Financial Policy, p. 354. 71. http://www.independent.co.uk/money/loans-credit/for-the-first-time-britons- personal-debt-exceeds-britains-gdp-462825.html 72. http://www.guardian.co.uk/money/2007/aug/02/business.creditanddebt 73. http://news.bbc.co.uk/1/hi/uk/8608935.stm 74. http://www8.open.ac.uk/platform/blogs/society-matters/household-debt- reaches-unprecedented-levels 75. http://www.bbc.co.uk/news/business-15820601 76. McKinsey Global Institute, Debt and Deleveraging: Uneven Progress on the Path to Growth (2012). 77. http://www.guardian.co.uk/politics/2003/may/07/labour.politicalcolumnists 78. http://www.guardian.co.uk/media/1999/dec/22/bbc.futureofthenhs 79. http://www.guardian.co.uk/politics/2000/mar/17/comment.pollytoynbee 80. http://www.guardian.co.uk/society/2001/mar/08/3 81. http://www.guardian.co.uk/society/2001/nov/23/comment 82. http://blogs.ft.com/money-supply/2011/11/30/the-uk-hangover-gets- worse/#axzz1h5FjxNF3 83. http://www.economist.com/node/18719530 84. International Monetary Fund, World Economic Outlook Database (April 2011). 85. http://www.economist.com/node/18719530 86. http://www.imf.org/external/np/ms/2009/030909a.htm 87. http://www.economist.com/node/16060113 88. Michael Bordo, Angela Redish and Hugh Rockoff, Why Didn’t Canada Have a Banking Crisis in 2008 (or in 1930, or in 1907, or in 1983) (2010). 89. http://www.economist.com/node/16060113 90. http://www.ft.com/cms/s/0/db2b340a-0a1b-11df-8b23-00144feabdc0. html#axzz1oEUdacsd 91. http://www.ft.com/cms/s/0/75b43310-ebee-11de-930c-00144feab49a. html#axzz1nrHw5tUL 92. Heritage Foundation, Index of Economic Freedom (2011). Notes 121 93. Cato Institute, Economic Freedom of the World (2011). 94. http://www.oecd.org/dataoecd/54/12/46643496.pdf Chapter 3 1. http://www.theatlantic.com/magazine/archive/2011/07/the-world-8217-s- schoolmaster/8532/2/ 2. http://www.theatlantic.com/magazine/archive/2011/07/the-world-8217-s- schoolmaster/8532/2/ 3. http://www.goethe.de/wis/fut/dos/gdw/sla/en2528036.htm 4. http://www.aicgs.org/publication/why-is-there-no-pisa-shock-in-the-u-s-a- comparison-of-german-and-american-education-policy/ 5. http://www2.ed.gov/pubs/NatAtRisk/risk.html 6. http://voices.washingtonpost.com/answer-sheet/school-turnaroundsreform/ how-ronald-reagan-affected-tod.html 7. http://www.theatlantic.com/magazine/archive/2011/07/the-world-8217-s- schoolmaster/8532/2/ 8. http://www.theatlantic.com/magazine/archive/2011/07/the-world-8217-s- schoolmaster/8532/2/ 9. http://www.oecd.org/document/53/0,3746,en_32252351_32235731_ 38262901_1_1_1_1,00.html 10.