Skip Navigation

Cambridge Journal of Economics 2007 31(6):805-816; doi:10.1093/cje/bem045
This Article
Right arrow Full Text
Right arrow Full Text (PDF)
Right arrow An erratum has been published
Right arrow Alert me when this article is cited
Right arrow Alert me if a correction is posted
Services
Right arrow Email this article to a friend
Right arrow Alert me to new issues of the journal
Right arrow Add to My Personal Archive
Right arrow Download to citation manager
Right arrowRequest Permissions
Google Scholar
Right arrow Articles by Kitson, M.
Right arrow Articles by Wilkinson, F.
Right arrow Search for Related Content
Social Bookmarking
Add to CiteULike   Add to Connotea   Add to Del.icio.us  
What's this?

© The Author 2007. Published by Oxford University Press on behalf of the Cambridge Political Economy Society. All rights reserved.

The economics of New Labour: policy and performance

Michael Kitson and Frank Wilkinson*

* Birkbeck College, London

Address for correspondence: Michael Kitson, Judge Business School, Trumpington Street, Cambridge CB2 1AG, UK; email: m.kitson{at}jbs.acm.ac.uk

This paper reviews the foundations of New Labour's economic policies and the performance of the economy since 1997. It argues that New Labour's policies have evolved from Thatcherism and that it has largely embraced the tenets of neo-liberalism. New Labour has rejected most aspects of Keynesianism and its policies have eschewed the use of active demand management policies. But it has been the high levels of demand—in particular consumption expenditure—that have driven economic growth in the UK and which have ensured that (as yet) New Labour has not faced the problems of dealing with a major economic downturn.

Key Words: New Labour • Economic policy

JEL classifications: B20, E60


Add to CiteULike CiteULike   Add to Connotea Connotea   Add to Del.icio.us Del.icio.us    What's this?




Disclaimer:
Please note that abstracts for content published before 1996 were created through digital scanning and may therefore not exactly replicate the text of the original print issues. All efforts have been made to ensure accuracy, but the Publisher will not be held responsible for any remaining inaccuracies. If you require any further clarification, please contact our Customer Services Department.