The Way Ahead

John Grieve Smith

Chapter 12 in Full Employment: A Pledge Betrayed, 1997, pp 224-241 from Palgrave Macmillan

Abstract: Abstract The review of the development of economic policy since the Second World War in previous chapters has shown that the principal factor in the abandonment of full employment in recent years has been the resort to deflationary monetary and budgetary policies to control inflation. Full employment cannot, however, simply be restored by reverting to more expansionary demand management: that is essential, but not sufficient. We have at the same time to build up the capacity to employ the potential workforce once again, ensure that the necessary skills are available, and find other means of combating inflation. We have also, with other governments, to establish economic regimes, both in the European Union and in a wider international sphere, that will facilitate expansion rather than exercise a continual deflationary bias.

Keywords: Exchange Rate; Monetary Policy; Monetary Union; Full Employment; Exchange Rate Regime (search for similar items in EconPapers)
Date: 1997
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-37238-2_12

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DOI: 10.1057/9780230372382_12

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