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 …
Course: The Politics of Economics and the Economics of Politicians
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 …
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 …
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 …
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. …
Thatcher’s Micro Policy: Privatization and Free Market Economics
In this article, Professor Kevin Lee describes Margaret Thatcher’s microeconomics in detail. He writes of the importance of the ‘First Welfare Theorem’, market failures and Hayek’s ideas on the ‘Use …
Thatcher’s Macro Policy: Monetarism and the ‘Natural Rate’ Hypothesis
In this article, Professor Kevin Lee describes Friedman’s ‘Natural Rate’ Hypothesis in a little more detail and the profound impact it had on macroeconomic policy-making as exemplified by Thatcher’s first …
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 …
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 …
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 …
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 …
These articles are from the online course:
The Politics of Economics and the Economics of Politicians
