1st Edition
Towards the Managed Economy Keynes, the Treasury and the fiscal policy debate of the 1930s
List of figures ii
List of tables viii
List of symbols and conventions x
Acknowledgements xi
1 Introduction 1
2 Mass unemployment and the interwar British economy 10
1 Unemployment 10
2 The British economy 1929–39 18
3 Policy issues and policy constraints: a conspectus 27
3 The Treasury, economic policy and public expenditure 31
1 The Treasury and economic policy 31
2 The course of expenditure 37
3 The Treasury and expenditure control 47
4 The revenue departments, taxation and policy 57
1 The revenue departments 57
2 The course and structure of receipts 62
3 Revenue forecasting 69
4 Taxation and economic activity 70
5 The budget and budgetary policy: introduction 78
1 Budget definitions 78
2 Fiscal window-dressing 80
3 Budgetary orthodoxy 83
4 Crowding-out 92
6 Budgetary policy 1929–39 96
1 Budgetary history 96
2 The transition of budgetary policy 109
3 Conclusions 120
7 An assessment of changes in fiscal stance 1929–39 122
1 The measurement of fiscal influence 122
2 The constant employment budget balance 124
3 Constant employment GDP 125
4 The characteristics of the fiscal system 127
5 The fiscal stance 1929–39 132
6 Conclusions 142
8 The ‘Treasury view’ and public works 144
1 The case for public works 145
2 The ‘Treasury view’ 1929–30 149
3 An IS-LM model of the ‘Treasury view’ 155
4 The ‘Treasury view’ 1931–9 165
5 Conclusions 171
9 Conclusions 173
Appendices
I Dramatis personae 191
II The actual and adjusted budget definitions 193
III The estimation of constant employment receipts and expenditure 196
Notes 204
Bibliography 213
Index 233
Biography
Roger Middleton
