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Modern Monetary Theory and public policy in the United Kingdom

In: Modern Monetary Theory

Author

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  • Deborah Harrington
  • Jessica Ormerod

Abstract

The 1945 post-war creation of the NHS and the Welfare State marked the UK out as an anomaly compared with other wealthy industrialised nations. It used the public purse to create state-provided services and full employment. This period was dominated by Keynesian thinking. Since 1976, the state apparatus has been dismantled to bring it more into line with other countries. There has been a transfer of financial responsibilities from the public purse to private pockets and greater private sector provision. This has been enabled by the current economic orthodoxy. The policies of this period, based on New Public Management, 'being responsible with the economy' and social capital have acquired a de-politicised 'neutral' quality, adopted by all parties. The effect is to obscure economic reality. MMT shines a spotlight on these processes. Increasing awareness of monetary realities and making government spending choices transparent should make political agendas much clearer.

Suggested Citation

  • Deborah Harrington & Jessica Ormerod, 2023. "Modern Monetary Theory and public policy in the United Kingdom," Chapters, in: L. R. Wray & Phil Armstrong & Sara Holland & Claire Jackson-Prior & Prue Plumridge & Neil Wilson (ed.), Modern Monetary Theory, chapter 12, pages 263-288, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:21315_12
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    Keywords

    Economics and Finance;

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