Abstract
This country's economic and social policies remain dominated by the war‐time consensus: Keynes and Beveridge and the full‐employment White Paper, and belief that the state is best qualified to‘run the economy.’The so‐called monetarist and Thatcher revolutions failed to re‐shape policy‐making. Dependence on the rate of interest to suppress inflation, the staple of successive governments’macroeconomic policy, represents a neo‐Keynesian survival and is a major source of our distempers. It needs reconsideration ab initio.
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