Balance of Payments, Deindustrialisation and Protection
- 118 Downloads
Despite the pain of being branded a ‘monetarist’ by some of his colleagues, despite an equally hostile reception from monetarists when presenting ‘New Cambridge’ ideas in the USA, Godley continues to view the ‘Keynesian’ remedy of expansionary fiscal policy as seriously flawed unless the problem of fast-rising imports is solved. He finds support from another Cambridge group working in problems of deindustrialisation, whose acceleration in the UK has made it impossible to keep full employment without an external deficit, and restrained productivity growth. Negative evaluations of the effectiveness of past devaluations, and the uncomfortable experience of designing one in 1967, leave Godley convinced that UK problems cannot be solved without direct control of imports, a policy he continues to advocate despite coming under almost universal fire.
- Bacon, R., & Eltis, W. (1976). Britain’s Economic Problem: Too Few Producers. London: Macmillan.Google Scholar
- Bacon, R., & Eltis, W. (1978). Britain’s Economic Problem: Too Few Producers (2nd ed.). London: Macmillan.Google Scholar
- Barker, T. (1988). International trade and the British economy. In T. Barker & P. Dunne (Eds.), The British Economy After Oil: Manufacturing or Services? London: Croom Helm.Google Scholar
- CEPG. (1972). Problems in the management of the economy 1971–75, Cambridge Economic Policy Group, CPES Online Archive. Online at http://www.cpes.org.uk/om/items/show/262.
- Coutts, K., & Godley, W. (1992). Does Britain’s balance of payments matter any more? In J. Michie (Ed.), The Economic Legacy 1979–1992. London: Academic Press.Google Scholar
- Glyn, A., & Sutcliffe, B. (1972). British Capitalism, Workers and the Profit Squeeze. London: Penguin.Google Scholar
- Godley, W. (1976, April 2). Import controls and the budget, letter. Financial Times, p. 19.Google Scholar
- Godley, W. (1979). Britain’s chronic recession—Can anything be done? In W. Beckerman (Ed.), Slow Growth in Britain. Oxford: Clarendon Press.Google Scholar
- Godley, W. (1988). Manufacturing and the future of the British economy. In T. Barker & P. Dunne (Eds.), The British Economy After Oil: Manufacturing or Services? London: Croom Helm.Google Scholar
- Rowthorn, R., & Wells, J. (1987). Deindustrialisation and Foreign Trade. Cambridge: Cambridge University Press.Google Scholar
- Walker, M. (1979, February 26). The contagious British disease. Guardian.Google Scholar