A Major Crisis?: The Politics of Economic Policy in Britain in the 1990s 1855215446, 9781855215443

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MAJOR CRISTS? Politics of Economic Policy in Britain in the 1990s

USINESS / SCIENCE / TECHNOLOGY QOS.STATE ST. 60605

RO1l22S

BAKER & TAYLOR

58292

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- AMAJOR CRISIS?

We extend our thanks to Louise Tait for her patience and help. ~

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A Major Crisis? The Politics of Economic Policy in Britain in the 1990s

WERNER BONEFELD University of Edinburgh ALICE BROWN University of Edinburgh PETER BURNHAM University of Warwick

Dartmouth Aldershot

* Brookfield USA

« Singapore

» Sydney

© Werner Bonefeld, Alice Brown, Peter Burnham 1995

All rights reserved. No part of this publication may be reproduced, stored ina retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without the prior permission of Dartmouth Publishing Company Limited. Published by Dartmouth Publishing Company Limited Gower House Croft Road Aldershot Hants GU11 3HR England Dartmouth Publishing Company Old Post Road Brookfield Vermont 05036 USA British Library Cataloguing in Publication Data Bonefeld, Werner

Major Crisis?:Politics of Economic Policy in Britian in the 1990s I. Title 330.9410859

Library of Congress Cataloging-in-Publication Data Bonefeld, Werner, 1960-

A Major crisis? : the politics of economic policy in Britain in the 1990s / Werner Bonefeld, Alice Brown, Peter Burnham.

. RN Includes bibliographical references and index. ISBN 1-85521-544-6. — ISBN 1-85521-550-0 (pbk.) 1. Great Britian-Economic policy-1945- 2. Major, John Roy, 1943-

_. I. Brown, Alice, 1946-

Ill. Title. HC256.6.B6

_. II. Burnham, Peter, 1959-

1995

338.941'09'049-dc20 ISBN 1 85521 544 6 (hbk) ISBN 1 85521 550 0 (pbk)

Printed in Great Britain at the University Press, Cambridge

95-19398 CIP

ROL228 58292

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Contents susness seiner

1.

AMAJOR CRISIS: THE POLITICS OF ECONOMIC POLICY IN BRITAIN IN THE 1990s...

2. NATIONAL STATES AND THE GLOBAL ECONOMY: THE POLITICS OF ECONOMIC BG Maa icarerenpasicruria tapiieebs easponaih back ibcnstoneornbakivanaGanesauacoual Economics, politics and ECONOMIC POLICY «0.0... cece sees eeeeeeeeeeeeees The problem with nation-state and interdependence approaches to contemporary political CCOMOMY ..........::c:csseseeeeeees Capital, class and the international state system ...........::ceseeeeeees The development of the capitalist form of the state .............:cccee National states and the global ECONOMY ............:c:sceseessseeesreesseeeesees

3. THE POLITICS OF MONETARISM AND SOSSSOSSOSOEHOHSSOSOOSSOOOOSOD

34

The crisis of Keynesianism ..............++. wsosssepesessneneatsuessenevenessnancaesenss

36

Moasnetarism anid debt -isivcstei ves tacesaceaerson wise caspian akcgas cacltete reenaasarets

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THE

CRISIS

OF

KEYNESIANISM

Global demand management and the crisis of Bretton Woods.........-...-++. Eurodollars and floating exchange rates ...........cesccsscseereeereesereseessesceeesners essetes ensushesar inacebeeegs cesnctec o>-hr-?asadsanssacasysasocanesss ahsacepisnds SUIIMIALY coccccessceencec

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