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Credible Keynesianism? New Labour macroeconomic policy and the political economy of coarse tuning
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Clift, Ben and Tomlinson, Jim (2006) Credible Keynesianism? New Labour macroeconomic policy and the political economy of coarse tuning. British Journal of Political Science, Vol.37 (No.1). pp. 47-69. doi:10.1017/S0007123407000038 ISSN 0007-1234.
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Official URL: http://dx.doi.org/10.1017/S0007123407000038
Abstract
This article questions prevailing interpretations of New Labour's political economy and challenges the assumption within the comparative and international political economy literatures of the exhaustion of the Keynesian political economic paradigm. New Labour's doctrinal statements are analysed to establish to what extent these doctrinal positions involve a repudiation of Keynesianism. Although New Labour has explicitly renounced the ‘fine tuning’ often (somewhat problematically) associated with post-war Keynesian political economy, we argue that they have carved out policy space in which to engage in macroeconomic ‘coarse tuning’ inspired by Keynesian thinking. This capacity to ‘coarse tune’ is precisely what is being sought in New Labour's quest for credibility through the redesign of British macroeconomic policy framework and institutions. Our empirical focus on New Labour in government since 1997 offers considerable evidence that this search for the capacity to ‘coarse tune’ has been successful.
| Item Type: | Journal Article | ||||
|---|---|---|---|---|---|
| Subjects: | H Social Sciences > HB Economic Theory H Social Sciences > HJ Public Finance |
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| Divisions: | Faculty of Social Sciences > Politics and International Studies | ||||
| Library of Congress Subject Headings (LCSH): | Labour Party (Great Britain), Keynesian economics, Macroeconomics -- Great Britain, Economic policy -- Decision making, Great Britain -- Economic conditions -- 1997- | ||||
| Journal or Publication Title: | British Journal of Political Science | ||||
| Publisher: | Cambridge University Press | ||||
| ISSN: | 0007-1234 | ||||
| Official Date: | 13 December 2006 | ||||
| Dates: |
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| Volume: | Vol.37 | ||||
| Number: | No.1 | ||||
| Page Range: | pp. 47-69 | ||||
| DOI: | 10.1017/S0007123407000038 | ||||
| Status: | Peer Reviewed | ||||
| Access rights to Published version: | Open Access (Creative Commons) |
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