References
- Blair , Tony . 1997 . “ 'Introduction' ” . In Labour Party, New Labour Because Britain Deserves Better , 1 Labour Party .
- Giddens , Anthony . 1998 . The Third Way: The Renewal of Social Democracy , 99 Polity Press .
- Hombach , Bodo . 2000 . The Politics of the New Centre , 1 Polity Press .
- Finlayson , Alan . 1999 . 'Third Way Theory' . Political Quarterly , 70 : 271 272
- 2000 . Giddens, The Third Way; and Anthony Giddens, The Third Way and its Critics , Polity Press .
- Blair , Tony . 1996 . Speech to the British American Chamber of Commerce . April 11 1996 . ; and Tony Blair, 'Introduction'.
- Brown , Gordon . 20 May 1997 . “ 'Exploiting the British genius: the key to long-term economic success' ” . In Speech to the Confederation of British Industry 20 May , ; Speech at the Mansion House, 12 June 1997;
- 19 October 1999 . "The conditions for full employment' ” . 19 October , London : Mais Lecture, City University .
- 'Conditions for growth and stability' . Lecture delivered at the Royal Economic Society Annual Conference . 13 July . University of St. Andrews .
- Balls , Edward . 1998 . 'Open Macroeconomics in an Open Economy' . Scottish Journal of Political Economy , 45 ( 2 ) : 113 – 32 . for a comprehensive summary of these views.
- See Brown, "The conditions for full employment', and 'Conditions for growth and stability'.
- Arestis , Philip and Sawyer , Malcolm . 1998 . 'New Labour, New Monetarism' . Soundings , : 24 – 41 .
- Stiglitz , Joseph and Weiss , Andrew . 1981 . 'Credit Rationing in Markets with Imperfect Information' . American Economic Review , 73 : 393 – 410 . which justifies an interest in active government intervention.
- See also Brown, 'Conditions for growth and stability'.
- Long , J. Bradford De . 2000 . 'The Triumph of Monetarism' . Journal of Economic Perspectives , 14 ( 1 ) : 83 – 4 . We should make clear, though, that we outline this analysis of new Keynesian economics without in any sense accepting its validity.
- Giddens . “ The Third Way and its Critics ” . 37
- Hutton , Will . 1998 . 'New Keynesianism and New Labour' . Political Quarterly , 70 ( sl ) : 99
- Ibid, p. 100.
- Sawyer , Malcolm . 1992 . 'The Nature and Role of Markets' . Social Concept , 6 ( 2 ) : 25 – 45 . One of us has argued elsewhere that the definition of 'the market' and hence of the market economy is problematic. We use the term 'market economy' here as shorthand for the interaction of privately owned enterprises. See
- Pitelis , Christos , ed. 1993 . Transactions Costs, Markets and Hierarchies , Blackwell . (reprinted with revisions in
- Rogoff , Ken . 1985 . "The Optimal Degree of Commitment to an Intermediate Monetary Target' . Journal of International Economics , 35 : 151 – 67 . Further, there is the idea that those operating monetary policy should be more 'conservative' (that is place greater weight on low inflation and less weight on level of unemployment) than the politicians (see, for example,
- Forder , James . 2000 . 'The Theory of Credibility: Confusions, Limitations, and Dangers' . International Papers in Political Economy , 7 ( 2 ) : 1 – 40 . , for an extensive discussion and critique of the notion of credibility.
- Kydland , F. and Prescott , E. C. 1977 . 'Rules Rather than Discretion: The Inconsistency of Optimal Plans' . Journal of Political Economy , 85 ( 3 ) : 473 – 92 .
- Balls, 'Open Macroeconomics in an Open Economy', makes this point very strongly.
- Westergaard , John . 1999 . 'Where Does the Third Way Lead?' . New Political Economy , 4 ( 3 ) : 430
- Hutton . 'New Keynesianism and New Labour' . 111 . In a speech in autumn 1994 Brown referred to 'post-neo-classical endogenous growth theory' for which he was widely lampooned.
- Barro , Robert and Sala-i-Martin , Xavier . 1995 . Economic Growth , 13 McGraw-Hill .
- Crafts , Nick . 1996 . 'Post-classical Endogenous Growth Theory: What are its Policy Implications?' . Oxford Review of Economic Policy , 12 ( 2 ) : 30
- Giddens . The Third Way , 101
- Giddens . The Third Way and its Critics , 101
- Ibid, p. 86. It could, though, be argued that inequality of opportunity acts as a barrier to many fulfilling their potential. Those disadvantaged do not forego education because of a lack of incentives in terms of higher pay for the more educated but because of a range of barriers to their doing so. Greater opportunity would be expected to increase the supply of the well trained etc., and reduce the pay of the well trained relative to the pay of the untrained.
- Giddens . The Third Way , 33
- Giddens . The Third Way and its Critics , 73
- Blair , Tony and Schröder , Gerhard . “ 'Europe: The Third Way/Die neue Mitte' ” . 163 The Politics of the New Centre . reproduced in Hombach,
- Hombach . The Politics of the New Centre 31
- Giddens . The Third Way , 74 – 5 .
- Blair and Schrder . 'Europe: The Third Way/Die neue Mitte' . 164
- Giddens . ne Third Way , 100
- Giddens . The Third Way , 99
- Ibid, p. 117.
- Finlayson . 'Third Way Theory' . 275
- Brown, Speech at the Mansion House.
- Ibid
- Treasury , H. M. 1999 . The New Monetary Policy Framework , HMSO .
- Brown, Speech at the Mansion House.
- Ibid
- Blair, Speech to the British American Chamber of Commerce.
- Brown . "The conditions for full employment' . 7
- Brown, Speech at the Mansion House.
- Brown . "The conditions for full employment' . 5
- Balls . 'Open Macroeconomics in an Open Economy' . 114 – 15 .
- Ibid, pp. 119-20.
- Layard , Richard , Nickell , Steven and Jackman , Richard . 1991 . Unemployment: Macroeconomic Performance and the Labour Market , Oxford University Press . As exemplified by
- Labour Party, New Labour Because Britain Deserves Better.
- Brown . "The conditions for full employment' . 10
- Treasury , H. M. 1997 . Pre Budget Report, Cmnd. 3804 , 82 HMSO .
- Brown . 'The conditions for full employment' . 9
- Ibid, p. 10.
- Ibid.
- Arestis , Philip and Sawyer , Malcolm . 1999 . "The macroeconomics of industrial strategy' ” . In Industrial Policy in Europe , Edited by: Cowling , K. and Sugden , R. 352 – 70 . Routledge .
- Sawyer , Malcolm . 1999 . “ 'Aggregate demand, investment and the NAIRU' ” . University of Leeds . mimeo.
- Treasury , H.M. The New Monetary Policy Framework 19
- Brown . 'The conditions for full employment' . 7
- Party , Labour . New Labour Because Britain Deserves Better 14
- Parker , David . 2000 . 'Reforming Competition Law in the UK: The Competition Act, 1998' . Economic Issues , 5 ( 1 ) : 69 – 86 . For a review, see
- Department of Trade and Industry . 1998 . A Fair Deal for Consumers: Modernising the Framework for Utility Regulation: Government Green Paper, Cmnd. 3898 , HMSO .
- Party , Labour . 1989 . Meet the Challenge, Make the Change , 6 Labour Party . of the Introduction signed by Neil Kinnock.
- Kelly , Ruth . 1998 . 'Response to Will Hutton' . Political Quarterly , 70 ( s1 ) : 103
- Crafts . 'Post-classical Endogenous Growth Theory' . 42
- Hill , Richard . 1999 . “ Social Democracy and Economic Strategy: The Labour Party in Opposition 1979-1992 ” . 158 Brunei University . PhD thesis,
- Arestis , Philip and Sawyer , Malcolm . “ 'Economics of the British new Labour: an assessment' ” . In Economics of the Third Way , Edited by: Arestis , P. and Sawyer , M. Edward Elgar . We have reviewed those policies in forthcoming
- Brown . "The conditions for full employment' ” . 10
- Treasury , H. M. 2000 . The Modernisation of Britain's Tax and Benefits System: Number Six: Tackling Poverty and Making Work Pay - Tax Credits for the 21st Century , 5 HMSO .
- Labour Party, New Labour Because Britain Deserves Better.
- Ibid, p. 15.
- For example, 'in this new economy our task is to ensure that, as individuals and companies and indeed as a country, we are fully equipped to contribute to and compete within this global marketplace' (Gordon Brown, 'The conditions for full employment'). Also 'foreign investors do want a flexible labour market, but they are concerned about the poor level of our skills and education. The new Labour approach should be to correct the defects of the latter, without undermining the former' (Labour Party, New Labour Because Britain Deserves Better, p. 15).
- Giddens, in The Third Way and Its Critics, p. 8, notes that there are 'leftists' who view the 'third way' as 'Mrs Thatcher without a handbag'.