This authoritative book analyses the recent problems associated
with the UK's monetary system and suggests a long-term solution to
control bank lending in the future. It draws on extensive
historical material, discussions with former senior officials and
politicians, and the perceptive insights of Gordon Pepper, an
advisor to Margaret Thatcher when the foundations of monetary
control were being laid, to revisit and re-examine the monetarist
experiment of the 1980s. The authors argue that, in spite of the
instinct of the Prime Minister, the authorities never attempted to
control the supply of money in the 1980s and only paid lip service
to controlling the demand for money. Extraordinary behaviour of
bank lending was a significant cause of the Barber boom in the
mid-1970s, of the Lawson boom of the 1980s and of the depth of the
recession in the early 1990s. They assert that varying interest
rates is an ineffective tool to manage lending and controversially
propose that the only enduring solution is to control the banks'
reserves. The authors forcefully argue that should the UK not
become a member of the European Single Currency the debate
surrounding monetary base control will need to be reopened. By
reassessing a significant era in British economic policy and
suggesting a strategy for the future, this book will be of great
interest to economic historians, monetary and political economists,
policymakers and investment advisers.
General
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