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Cambridge Journal of Economics Advance Access originally published online on October 4, 2007
Cambridge Journal of Economics 2007 31(6):817-843; doi:10.1093/cje/bem026
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Right arrow D72 - Models of Political Processes: Rent-Seeking, Elections, Legislatures, and Voting Behavior
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Right arrow E61 - Policy Objectives; Policy Designs and Consistency; Policy Coordination
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© The Author 2007. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved.

Neo-liberalism and New Labour policy: economic performance, historical comparisons and future prospects

Frank Wilkinson*

* Birkbeck, University of London

Address for correspondence: email: sf.wilkinson{at}ntlworld.com

The paper analyses19760/70s inflation, the replacement of Keynesian with neo-liberal economic policy, and the post-1979 decline in inflation. It is shown that the fall in inflation is explained by trends in import prices rather than by switches in economic policy. However, New Labour's conversion to neo-liberalism means that no alternative to it is on political offer, despite returns to pre-Keynesian policy-making, the success of which will depend on price policies based on an understanding of the institutional roots of inflation.

Key Words: distribution • import prices • incomes policy • inflation

JEL classifications: E1, E2, E3, E6, J6

Manuscript received July 24, 2007; final version received July 24, 2007.


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