Glossary


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.

M

Monetarism

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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