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Chapter 1 describes the international monetary landscape between 1848 and 1873. The prominent role of bullion is emphasized. It also reviews existing theories of the operation of a bimetallic system. The main point is that a bimetallic system rests on bimetallic arbitrage: agents will buy the depreciating metal and sell the appreciating one, herby stabilizing their relative value. This suggest that it is key to study the actual operation of bimetallic arbitrage.

At the start of this chapter the author posits that it is simply not feasible to summarise into a single comparative framework the diverse ways in which the unique characteristics of childcare have been addressed in governmental policies and strategies. Instead, this chapter draws together the economic elements to assess the role of the market in childcare provision and the case for government intervention. After describing the advantages of a private market, it then summarises the evidence presented in Childcare Markets on the problems in the operation of this market, the social objectives that have driven government intervention and the policy solutions that have been used around the world. It concludes that the evidence suggests any policies mitigating market failures and promoting social objectives need to be multidimensional and critically need to command sufficient support from the wider population to pay their cost. The chapter concludes that there is considerable scope for countries to learn from the experiences of others on the best mechanisms for childcare provision. However, given the variation in social objectives for childcare and in cultural conditions, a considerable degree of international diversity in the role of the market and government in childcare provision will likely remain.

This chapter considers childcare markets in low income countries, and in post-socialist countries, where there is little or no government intervention. It explores the consequences of these raw or emerging markets for parents, children and for entrepreneurs themselves. The example of Namibia illustrates an African childcare market lacking any intervention, before a discussion of childcare markets in post-socialist countries. One of the claims for early childhood education and care is that such services can promote equity. Emerging evidence suggests a considerable increase in ECEC in most countries, generally considered a sign of progress. But stark inequities remain between rural and urban provision, between government and for-profit and non-profit provision, and between provision used by educated and better off parents or available only to poor parents. These trends risk perpetuating intergenerational poverty and inequalities and conflict with of internationally agreed policy priorities. This chapter argues that some structuring of the childcare market by government is necessary to achieve, or at least work towards, equity. Raw childcare markets exacerbate inequality, and are unlikely to contribute to educational goals. In emerging markets, there are some, albeit problematic, controls, but there are still considerable issues over equity.

This Chapter looks at the impact of the 2008 financial crisis and its aftermath on the right. It charts the period of initial uncertainty as the crisis first broke and the construction of a narrative around “big government” at the end of 2008 and beginning of 2009. It considers, in particular, at the ways in which representations of the New Deal and the 1930s were used to change the terms of debate.