Within the New Consensus Macroeconomics, monetary policy is upgraded while fiscal policy is downgraded. This new monetary policy has been the main instrument of policy under the guise of inflation targeting, an approach pursued by a number of central banks worldwide. This book raises problems...

This book shows how the transformation of Britain's economic performance has been based on control of public expenditure, improving competitiveness, co-operative industrial relations and a large favourable contribution from inward investment. In contrast, Europe has suffered from rising...