H&P has prepared a glossary to explain historical terms that are not in common use today. This is designed for readers of H&P's policy papers, opinion articles and Number 10 guest historian features, as well as students, journalists and policy makers.

All entries have been prepared by the editors of H&P's Number 10 guest historian series: Whitfield prize-winner Dr Ben Griffin and Dr Andrew Thompson of Cambridge University and Dr Andrew Blick, of King's College London.



An economic doctrine developed under the influence of the economist Milton Friedman. It emerged as a challenge to Keynesianism, which began to lose credibility during the 1970s, a period of rising unemployment and inflation in Britain, and economic dislocation globally. A central tenet of monetarism was that to restrain inflation, the money supply should be restricted. An important shift in this direction came during the Labour governments of 1974-79, when the Chancellor of the Exchequer, Denis Healey, introduced monetary targets in 1976. However, monetarism is most closely associated in Britain with the Conservative governments of Margaret Thatcher (1979-1990). A key problem facing those implementing a monetarist policy was achieving a satisfactory definition of 'money' and an effective means of controlling it.

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