New revisionists and the Keynesian era in British economic policy

This article surveys the literature, which has argued that post-1945 British economic policy should not be described as Keynesian. It attempts to apply explicit definitions of ‘Keynesian’, ‘influence’, and ‘the Treasury view’. It suggests that in post-1945 monetary and fiscal policies, in the treatment of the balance of payments, and in attitudes to public expenditure, strong Keynesian influences can be detected. The idea of a ‘Keynesian era’ should not be rejected and it is hinted that the failure to accelerate the growth rate, rather than the external dimension, caused the Keynesian era to unravel.