Saturday, June 8, 2013

Blair's Labour Government Embraced Mainstream Economic

Simon Wren-Lewis explains why the labour government under Tony Blair reflected mainstream economic thinking.  In fact, it was very much like the Clinton government in the US.  Both of these governments deregulated their banking industries and they both supported globalization and free trade.  Market forces were respected,  but government played a role in dealing with market failures.  One implication of this story is that conservatives in the UK and the US today have moved beyond mainstream economic thinking.  They embrace free market ideologies that are to the right of mainstream economic thinking.  Government is viewed as the problem and not as a solution to economic problems.

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