Abstract
The great revival of ‘monetarism’ in the 1970s, culminating in the adoption of the strict prescriptions of the monetarist creed by a number of Western governments at the turn of the decade— particularly by President Reagan’s administration in the U.S. and Mrs. Thatcher’s in Great Britain - will, I am sure, go down in history as one of the must curious episodes, comparable only to the periodic outbreaks of mass hysteria (such as the witch hunts) of the Middle Ages. Indeed I know of no other instance in economics where an utterly false doctrine concerning the causation of economic events had such a sweeping success in a matter of a few years.
This is a preview of subscription content, log in via an institution.
Buying options
Tax calculation will be finalised at checkout
Purchases are for personal use only
Learn about institutional subscriptionsPreview
Unable to display preview. Download preview PDF.
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 1987 Martinus Nijhoff Publishers, Dordrecht
About this chapter
Cite this chapter
Kaldor, N. (1987). The Rise and Decline of Monetarism. In: Steinherr, A., Weiserbs, D. (eds) Employment and Growth: Issues for the 1980s. International Studies in Economics and Econometrics, vol 16. Springer, Dordrecht. https://doi.org/10.1007/978-94-009-3605-8_5
Download citation
DOI: https://doi.org/10.1007/978-94-009-3605-8_5
Publisher Name: Springer, Dordrecht
Print ISBN: 978-94-010-8113-9
Online ISBN: 978-94-009-3605-8
eBook Packages: Springer Book Archive