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Final Conclusions

We have covered seven leading political figures – from different historical periods and countries – who have used economic theory to design economic policies and carry out often radical reforms …

Measurements of Growth and Development

  China is an economic success because of sustained high rates of economic growth since the 1980s. Other countries have also recorded periods of rapid economic growth, eg Japan in …

Is China a Capitalist or Communist Country?

Parallel to the incredible economic developments China has experienced over the past few decades have only been limited political reforms. In this article, Sir Vince Cable explores the question of …

Deng Xiaoping: Growth and Development

We have seen in the previous steps of this activity that China has experienced incredible growth recently. China is indeed one of the great economic success stories in history. In …

Why China is Important

China under Deng Xiaoping was transformed into a rapidly growing economic superpower. In this article, Sir Vince Cable lays out the case that China certainly does matter. Deng’s reforms ushered …

Deng Xiaoping

Deng Xiaoping, perhaps more than any other in history, harnessed the power of radical economic ideas, including market forces and capitalism, to improve living standards and reduce poverty in China. …

Margaret Thatcher: Monetarism and the Control of Inflation

Many ideas influenced Margaret Thatcher’s economic policies, but broadly speaking two sets of ideas were particularly influential. Monetarism formed the basis of Margaret Thatcher’s macroeconomic policies. While her microeconomic policies …

The Thatcher Revolution and the Battle of Ideas

In this article, Professor Kevin Lee reflects on Margaret Thatcher’s successes in the Battle of Ideas and the interplay between economics and politics in the Thatcher Revolution. The process by …

Thatcher and the Economics of Thatcherism

Very few political leaders have an ‘ism’ named after their economic policies, but Margaret Thatcher is one of the select few. While her political success may not have resulted from …

Ludwig Erhard: Getting the Economy to Work

While Ludwig Erhard and other ‘ordo liberalists’ argued that the scope of government in the economy should be quite limited, they still believed that government had a role to play …

Market Equilibrium and Price Controls

In this article, Dr Matthias Dahm takes a closer look at market equilibrium and price controls. We start by considering a market without price controls. Figure 1 represents a competitive …

Erhard, the Social Market and Ordo Liberalism

The terms ‘Social Market’ and ‘Ordo Liberalism’ are often associated with Ludwig Erhard and his economic policies. In this article, Sir Vince Cable attempts to define these terms. Ludwig Erhard, …

Erhard and Ordo Liberalism

The German word ‘Ordo Liberalism’ describes a free market economy within a framework of order. Ludwig Erhard, initially Economics Minister and then Chancellor of post-war Germany, implemented reforms of the …