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SUMMARY:Challenging Assumptions - Liberal UK economic policies since 1979 
 have not spurred growth - Ken Coutts and Graham Gudgin
DTSTART:20150703T090000Z
DTEND:20150703T094500Z
UID:TALK60102@talks.cam.ac.uk
CONTACT:Yongjiang Shi
DESCRIPTION:Ken Coutts and Graham Gudgin would like to share their researc
 h and co-authored report with IfM people.  They both are Honorary Research
  Associates at the Centre for Business Research at Cambridge Judge Busines
 s School. Ken Coutts is also Emeritus Fellow of Economics at Selwyn Colleg
 e\, Cambridge\, and Graham Gudgin is also visiting Professor at the Univer
 sity of Ulster. They recently finished a report entitled The Macroeconomic
  Impact of Liberal Economic Policies in the UK.\n\nContrary to widespread 
 assumption\, the “sea-change” of liberal market economic policies intr
 oduced since 1979 has not boosted British growth. While “conventional wi
 sdom” holds that liberal market policies followed since Margaret Thatche
 r’s 1979 election remain the best model for the UK economy\, albeit with
  additional banking safeguards\, Ken Coutts and Graham Gudgin ask whether 
 this benign view of the post-1979 world is a true reflection of the econom
 ic facts in a new report published on 10th June 2015.\n\nAverage annual gr
 owth of per capita GDP fell from 2.6% per annum in the three decades prior
  to 1980 to 2.2% per annum in the following decades to 2007\, and a declin
 e of 0.2% per annum since 2007. The deterioration in the growth of labour 
 productivity after 1979 has been even more marked: 2.9% per annum in the t
 hree decades prior to 1980\, compared to 1.7% per annum from 1980 to 2007\
 , and a decline of 0.2% per annum since 2007. Other than this unsustainabl
 e boost to demand from financial liberalisation there is little evidence t
 hat other liberal market policies taken together improved the trend rate o
 f economic growth in the UK even temporarily. Given that the economic cris
 is in the UK which began in 2008 has been the deepest and most prolonged f
 or more than a century\, this is an appropriate time to question whether t
 he UK is following the most appropriate form of capitalism.\n\nIn this tal
 k the authors will review some of the evidence on UK economic growth befor
 e and after 1979 and discuss what kind of alternative economic policies ca
 n aid an improvement in economic performance in the future.
LOCATION:Seminar Room 2\, IfM\, 17 Charles Babbage Road
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