Colin Thain and Maurice Wright
- Published in print:
- 1995
- Published Online:
- October 2011
- ISBN:
- 9780198277842
- eISBN:
- 9780191684203
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198277842.001.0001
- Subject:
- Political Science, UK Politics, Political Economy
The Treasury is at the heart of British Government, responsible for deciding how much to spend and on what. Both the institution and the public expenditure process are the focus of this book. Based ...
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The Treasury is at the heart of British Government, responsible for deciding how much to spend and on what. Both the institution and the public expenditure process are the focus of this book. Based on research undertaken with the cooperation of the Treasury and Whitehall departments, it shows how the key decisions of planning, allocating and controlling public expenditure are made. With access to treasury Expenditure Controllers and senior financial officials in the main spending departments, the book provides an account of the roles, relationships and inter-actions of the key players in Whitehall Expenditure Community as they confront each other in annual rituals of the Expenditure ‘Survey’. It explains how the rules of the expenditure game were re-drawn in the 1980s in the relentless search for cuts, greater economy and efficiency in the design and delivery of public services, and the creation of a more enterprising administrative culture. It discusses how and why the Treasury was rarely able to impose its constitutional authority to stem the tide of rising public expenditure through the turbulent years of the Thatcher and Major Governments. The book also demonstrates that the Treasury is locked into a system of mutually constrained power relationships with the Whitehall departments, and obliged to negotiate discretionary authority to control their spending.Less
The Treasury is at the heart of British Government, responsible for deciding how much to spend and on what. Both the institution and the public expenditure process are the focus of this book. Based on research undertaken with the cooperation of the Treasury and Whitehall departments, it shows how the key decisions of planning, allocating and controlling public expenditure are made. With access to treasury Expenditure Controllers and senior financial officials in the main spending departments, the book provides an account of the roles, relationships and inter-actions of the key players in Whitehall Expenditure Community as they confront each other in annual rituals of the Expenditure ‘Survey’. It explains how the rules of the expenditure game were re-drawn in the 1980s in the relentless search for cuts, greater economy and efficiency in the design and delivery of public services, and the creation of a more enterprising administrative culture. It discusses how and why the Treasury was rarely able to impose its constitutional authority to stem the tide of rising public expenditure through the turbulent years of the Thatcher and Major Governments. The book also demonstrates that the Treasury is locked into a system of mutually constrained power relationships with the Whitehall departments, and obliged to negotiate discretionary authority to control their spending.
Peter Taylor‐Gooby
- Published in print:
- 2008
- Published Online:
- January 2009
- ISBN:
- 9780199546701
- eISBN:
- 9780191720420
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199546701.003.0007
- Subject:
- Political Science, Comparative Politics, Political Economy
For a number of reasons the reframing of social citizenship has been pursued more rapidly in the UK than in most other countries, so that national experience offers a useful object lesson in the ...
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For a number of reasons the reframing of social citizenship has been pursued more rapidly in the UK than in most other countries, so that national experience offers a useful object lesson in the strengths and weaknesses of rational actor reforms in the European context. This chapter analyses the reframing process in detail under successive governments, paying attention to the institutional structure of government departments, the part played by the Treasury, and the understanding of the challenges by the chief policy actors. It discusses the logic of policy reform in official documents and shows how rational actor assumptions predominate. The problems identified in relation to the new policies are chiefly to do with the difficulties of structuring incentives appropriately and of establishing a level playing field for equal opportunity policies. The issues that provider incentives may focus on the competitive advantage of their particular agency rather than public benefit, social inclusion may receive little support, and the value basis of social trust may be damaged receive insufficient recognition.Less
For a number of reasons the reframing of social citizenship has been pursued more rapidly in the UK than in most other countries, so that national experience offers a useful object lesson in the strengths and weaknesses of rational actor reforms in the European context. This chapter analyses the reframing process in detail under successive governments, paying attention to the institutional structure of government departments, the part played by the Treasury, and the understanding of the challenges by the chief policy actors. It discusses the logic of policy reform in official documents and shows how rational actor assumptions predominate. The problems identified in relation to the new policies are chiefly to do with the difficulties of structuring incentives appropriately and of establishing a level playing field for equal opportunity policies. The issues that provider incentives may focus on the competitive advantage of their particular agency rather than public benefit, social inclusion may receive little support, and the value basis of social trust may be damaged receive insufficient recognition.
Edward Brech, Andrew Thomson, and John F. Wilson
- Published in print:
- 2010
- Published Online:
- September 2010
- ISBN:
- 9780199541966
- eISBN:
- 9780191715433
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199541966.003.0007
- Subject:
- Business and Management, Business History, Strategy
This chapter covers Urwick's roles and activities during the Second World War, when he took leave of absence from Urwick Orr to enter public service. It is, however, largely a story of frustration. ...
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This chapter covers Urwick's roles and activities during the Second World War, when he took leave of absence from Urwick Orr to enter public service. It is, however, largely a story of frustration. Initially, Urwick undertook the reorganization of a Territorial Army Division, but although its commander recommended that the results should be spread elsewhere, the War Office declined to make any such changes. Urwick then joined the Treasury, only to find that his recognized status in the management world counted for little in the Civil Service. He carried out a number of projects, most with limited acceptance of their recommendations. Frustrated, Urwick overstepped the protocols and was forced to resign in 1942. He found a further role in the War Office dealing with the use of petroleum, but nevertheless asked to be released in December 1944 in order to pursue his educational interests.Less
This chapter covers Urwick's roles and activities during the Second World War, when he took leave of absence from Urwick Orr to enter public service. It is, however, largely a story of frustration. Initially, Urwick undertook the reorganization of a Territorial Army Division, but although its commander recommended that the results should be spread elsewhere, the War Office declined to make any such changes. Urwick then joined the Treasury, only to find that his recognized status in the management world counted for little in the Civil Service. He carried out a number of projects, most with limited acceptance of their recommendations. Frustrated, Urwick overstepped the protocols and was forced to resign in 1942. He found a further role in the War Office dealing with the use of petroleum, but nevertheless asked to be released in December 1944 in order to pursue his educational interests.
Alasdair Roberts
- Published in print:
- 2010
- Published Online:
- May 2010
- ISBN:
- 9780195374988
- eISBN:
- 9780199776849
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195374988.003.0003
- Subject:
- Political Science, American Politics
This chapter examines institutional reform efforts aimed at curbing the unhealthy tendencies of unconstrained democratic processes in the era of liberalization. In many countries, power was ...
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This chapter examines institutional reform efforts aimed at curbing the unhealthy tendencies of unconstrained democratic processes in the era of liberalization. In many countries, power was consolidated in the hands of finance ministries, with the expectation that they would control the spending impulses of legislators and other agencies. Many countries also adopted legal rules that were intended to limit spending and borrowing. This was the logic of discipline at work: skepticism about the capacity of democratic institutions to regulate themselves, combined with the naïve institutionalist's optimism that institutional reforms would produce significant changes in the behavior of governmental systems. These attempts at discipline largely failed. The authority of finance ministries could be asserted during crises but faltered afterward, largely because it proved so profoundly hostile to the principle of democratic control. And legal constraints on spending and borrowing proved to be unequal to the impulses they sought to contain. This was evident even before the onset of the global financial crisis in August 2007. The crisis itself did even more damage to the idea of budgetary discipline, as Treasuries themselves became the most activist of spending ministries.Less
This chapter examines institutional reform efforts aimed at curbing the unhealthy tendencies of unconstrained democratic processes in the era of liberalization. In many countries, power was consolidated in the hands of finance ministries, with the expectation that they would control the spending impulses of legislators and other agencies. Many countries also adopted legal rules that were intended to limit spending and borrowing. This was the logic of discipline at work: skepticism about the capacity of democratic institutions to regulate themselves, combined with the naïve institutionalist's optimism that institutional reforms would produce significant changes in the behavior of governmental systems. These attempts at discipline largely failed. The authority of finance ministries could be asserted during crises but faltered afterward, largely because it proved so profoundly hostile to the principle of democratic control. And legal constraints on spending and borrowing proved to be unequal to the impulses they sought to contain. This was evident even before the onset of the global financial crisis in August 2007. The crisis itself did even more damage to the idea of budgetary discipline, as Treasuries themselves became the most activist of spending ministries.
Ken Binmore
- Published in print:
- 2007
- Published Online:
- May 2007
- ISBN:
- 9780195300574
- eISBN:
- 9780199783748
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195300574.003.0021
- Subject:
- Economics and Finance, Microeconomics
The most successful area of game theory is auction design. This chapter offers a short review of the subject. Various traditional auctions are described. After showing that most of these generate the ...
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The most successful area of game theory is auction design. This chapter offers a short review of the subject. Various traditional auctions are described. After showing that most of these generate the same expected revenue to the seller under appropriate conditions, a version of the revenue equivalence theorem is proved. Reserve prices are briefly considered. An extended example of the use of the principles of mechanism design in constructing an optimal auction is offered, and the case of common-value auctions is reviewed. The chapter ends with a discussion of the important case of multiunit auctions, and concludes that treasury bonds could be sold on a more scientific basis than at present.Less
The most successful area of game theory is auction design. This chapter offers a short review of the subject. Various traditional auctions are described. After showing that most of these generate the same expected revenue to the seller under appropriate conditions, a version of the revenue equivalence theorem is proved. Reserve prices are briefly considered. An extended example of the use of the principles of mechanism design in constructing an optimal auction is offered, and the case of common-value auctions is reviewed. The chapter ends with a discussion of the important case of multiunit auctions, and concludes that treasury bonds could be sold on a more scientific basis than at present.
Hugh Pemberton, Pat Thane, and Noel Whiteside
- Published in print:
- 2006
- Published Online:
- January 2012
- ISBN:
- 9780197263853
- eISBN:
- 9780191734281
- Item type:
- chapter
- Publisher:
- British Academy
- DOI:
- 10.5871/bacad/9780197263853.003.0017
- Subject:
- Political Science, Political Theory
The pension reforms proposed by Lord Turner's Pensions Commission were certainly radical, although perhaps not as radical as they might have been. How well did the government of Britain rise to the ...
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The pension reforms proposed by Lord Turner's Pensions Commission were certainly radical, although perhaps not as radical as they might have been. How well did the government of Britain rise to the challenge posed by the Pensions Commission? In the months leading up to the white paper, a major battle raged in Whitehall. Although interpreted through the prism of conflict between Tony Blair and Gordon Brown, in fact a very familiar and traditional pattern of British pension policy-making was unfolding, with the Treasury fighting to contain spending commitments on pensions over the long term. It was arguably only the potentially expensive prospect of over 70 per cent of pensioners being able to claim means-tested Pension Credit by the middle of the century that has forced a recalibration of the present system. A few details demonstrate how the Commission's recommendations have been modified to secure this end. The most heavily trailed of the white paper's proposals is the relinking of the basic state pension to average earnings rather than prices.Less
The pension reforms proposed by Lord Turner's Pensions Commission were certainly radical, although perhaps not as radical as they might have been. How well did the government of Britain rise to the challenge posed by the Pensions Commission? In the months leading up to the white paper, a major battle raged in Whitehall. Although interpreted through the prism of conflict between Tony Blair and Gordon Brown, in fact a very familiar and traditional pattern of British pension policy-making was unfolding, with the Treasury fighting to contain spending commitments on pensions over the long term. It was arguably only the potentially expensive prospect of over 70 per cent of pensioners being able to claim means-tested Pension Credit by the middle of the century that has forced a recalibration of the present system. A few details demonstrate how the Commission's recommendations have been modified to secure this end. The most heavily trailed of the white paper's proposals is the relinking of the basic state pension to average earnings rather than prices.
Robyn Muncy
- Published in print:
- 2014
- Published Online:
- October 2017
- ISBN:
- 9780691122731
- eISBN:
- 9781400852413
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691122731.003.0011
- Subject:
- Political Science, American Politics
This chapter details events in Josephine Roche's life from 1934 to 1939. Serving as assistant secretary of the treasury in the New Deal government carried Roche to the height of her renown and power. ...
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This chapter details events in Josephine Roche's life from 1934 to 1939. Serving as assistant secretary of the treasury in the New Deal government carried Roche to the height of her renown and power. Between 1934 and 1938, her central responsibility was health policy, but the full range of her involvement in the New Deal went well beyond that core focus. She also shaped one of the most significant pieces of federal legislation in the twentieth century, the Social Security Act, and oversaw the implementation of such New Deal programs as the National Youth Administration, all the while pushing for more effective regulation of industry and the unionization of American workers. As she dashed from one New Deal initiative to another, Roche was celebrated as an icon of female achievement who represented the new level of power achieved by women in politics and government during the 1930s.Less
This chapter details events in Josephine Roche's life from 1934 to 1939. Serving as assistant secretary of the treasury in the New Deal government carried Roche to the height of her renown and power. Between 1934 and 1938, her central responsibility was health policy, but the full range of her involvement in the New Deal went well beyond that core focus. She also shaped one of the most significant pieces of federal legislation in the twentieth century, the Social Security Act, and oversaw the implementation of such New Deal programs as the National Youth Administration, all the while pushing for more effective regulation of industry and the unionization of American workers. As she dashed from one New Deal initiative to another, Roche was celebrated as an icon of female achievement who represented the new level of power achieved by women in politics and government during the 1930s.
Colin Thain and Maurice Wright
- Published in print:
- 1995
- Published Online:
- October 2011
- ISBN:
- 9780198277842
- eISBN:
- 9780191684203
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198277842.003.0015
- Subject:
- Political Science, UK Politics, Political Economy
Within each Treasury Expenditure Group, the flow and context of the business of an Expenditure Division is to a large extent structured and determined by the annual cycle of the preparation of the ...
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Within each Treasury Expenditure Group, the flow and context of the business of an Expenditure Division is to a large extent structured and determined by the annual cycle of the preparation of the Public Expenditure Survey. The separate categories of Survey and In-year Control, while recognizably those used in the Treasury, do not adequately convey the links and cross-walks between the two. Nevertheless, the distinction between the two main types of work is helpful in the analysis and explanation of what Expenditure Divisions do, although it is not as clear-cut in practice. The quality and effectiveness of the Treasury's in-year control of departmental expenditure is determined mainly by its success in delivering the intended outputs of the Planning/Control Total. This chapter provides a broad overview of the in-year control and monitoring processes, looks at the principles and use by the Treasury of delegated authority, and concludes with a discussion of the use of formal and informal reviews of policy as an aid to controlling levels of future expenditure.Less
Within each Treasury Expenditure Group, the flow and context of the business of an Expenditure Division is to a large extent structured and determined by the annual cycle of the preparation of the Public Expenditure Survey. The separate categories of Survey and In-year Control, while recognizably those used in the Treasury, do not adequately convey the links and cross-walks between the two. Nevertheless, the distinction between the two main types of work is helpful in the analysis and explanation of what Expenditure Divisions do, although it is not as clear-cut in practice. The quality and effectiveness of the Treasury's in-year control of departmental expenditure is determined mainly by its success in delivering the intended outputs of the Planning/Control Total. This chapter provides a broad overview of the in-year control and monitoring processes, looks at the principles and use by the Treasury of delegated authority, and concludes with a discussion of the use of formal and informal reviews of policy as an aid to controlling levels of future expenditure.
Kathryn C. Lavelle
- Published in print:
- 2011
- Published Online:
- January 2012
- ISBN:
- 9780199765348
- eISBN:
- 9780199918959
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199765348.003.0002
- Subject:
- Political Science, International Relations and Politics
This chapter compares the ratification struggle over the Treaty of Versailles with the passage of the Bretton Woods Agreement Act to demonstrate the legislature’s concern with how multilateralism ...
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This chapter compares the ratification struggle over the Treaty of Versailles with the passage of the Bretton Woods Agreement Act to demonstrate the legislature’s concern with how multilateralism would alter the checks and balances of American government, and how the institution of Congress was initially able to shape outcomes in international organizations through procedural maneuvers. The chapter argues that in order to surmount the challenges that the Covenant of the League of Nations met in the Senate, the Roosevelt administration included representatives of both political parties and key interest groups early in the process of planning the IMF and World Bank. The administration worked through the National Foreign Trade Council to mobilize a wide-ranging constituency in American civil society. As the act moved through the House and Senate, compromise with powerful committee chairs and the American Bankers Association secured passage. Compromises reached created mechanisms through which initial efforts at congressional advocacy could occur, primarily the National Advisory Council. Nonetheless, during the enactment stage, the Treasury Department organized interest groups with the goal of US membership. Ongoing effort would be required for them to play a major role in the world economy.Less
This chapter compares the ratification struggle over the Treaty of Versailles with the passage of the Bretton Woods Agreement Act to demonstrate the legislature’s concern with how multilateralism would alter the checks and balances of American government, and how the institution of Congress was initially able to shape outcomes in international organizations through procedural maneuvers. The chapter argues that in order to surmount the challenges that the Covenant of the League of Nations met in the Senate, the Roosevelt administration included representatives of both political parties and key interest groups early in the process of planning the IMF and World Bank. The administration worked through the National Foreign Trade Council to mobilize a wide-ranging constituency in American civil society. As the act moved through the House and Senate, compromise with powerful committee chairs and the American Bankers Association secured passage. Compromises reached created mechanisms through which initial efforts at congressional advocacy could occur, primarily the National Advisory Council. Nonetheless, during the enactment stage, the Treasury Department organized interest groups with the goal of US membership. Ongoing effort would be required for them to play a major role in the world economy.
Anne Davies
- Published in print:
- 2001
- Published Online:
- March 2012
- ISBN:
- 9780198299486
- eISBN:
- 9780191685712
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198299486.001.0001
- Subject:
- Law, Constitutional and Administrative Law
Many government bodies relate to each other through contracts: government departments and agencies; government departments and the Treasury; National Health Service (NHS) purchasers and NHS Trusts. ...
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Many government bodies relate to each other through contracts: government departments and agencies; government departments and the Treasury; National Health Service (NHS) purchasers and NHS Trusts. These ‘internal contracts’ are not, in general, regulated or enforced by the law. This book explores the practical problems encountered by the parties to internal contracts, drawing on evidence from an empirical case study of NHS contracts. It uncovers difficulties in defining the parties' roles; in maintaining good working relationships; and in securing compliance with contractual terms. It then examines the possibility of solving these problems through law. Some commentators, particularly public lawyers, have condemned the law's failure to keep pace with the rise of ‘government by contract’, but few have made specific proposals for reform. The book develops an original public law analysis of internal contracts, interpreting them as mechanisms of accountability from service providers to purchasers. It proposes norms which would help the parties to use their contracts as fair and effective mechanisms of accountability. It also suggests reforms to the institutional framework for internal contracts.Less
Many government bodies relate to each other through contracts: government departments and agencies; government departments and the Treasury; National Health Service (NHS) purchasers and NHS Trusts. These ‘internal contracts’ are not, in general, regulated or enforced by the law. This book explores the practical problems encountered by the parties to internal contracts, drawing on evidence from an empirical case study of NHS contracts. It uncovers difficulties in defining the parties' roles; in maintaining good working relationships; and in securing compliance with contractual terms. It then examines the possibility of solving these problems through law. Some commentators, particularly public lawyers, have condemned the law's failure to keep pace with the rise of ‘government by contract’, but few have made specific proposals for reform. The book develops an original public law analysis of internal contracts, interpreting them as mechanisms of accountability from service providers to purchasers. It proposes norms which would help the parties to use their contracts as fair and effective mechanisms of accountability. It also suggests reforms to the institutional framework for internal contracts.
Robyn Muncy
- Published in print:
- 2014
- Published Online:
- October 2017
- ISBN:
- 9780691122731
- eISBN:
- 9781400852413
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691122731.003.0012
- Subject:
- Political Science, American Politics
This chapter details events in Josephine Roche's life from 1935 to 1939. Despite her many other roles, Roche's primary obligation in the New Deal government was oversight of health policy. She ...
More
This chapter details events in Josephine Roche's life from 1935 to 1939. Despite her many other roles, Roche's primary obligation in the New Deal government was oversight of health policy. She fulfilled that obligation in two ways. Within the Treasury Department, she took charge of the Public Health Service at a moment of explosive growth, championing a vastly expanded mandate for the agency and building a more effective public health infrastructure in the states. Outside the Treasury, she spearheaded a campaign to elevate health care to the status of a “basic American right.” In the course of that campaign, Roche patched together a national health plan, which she used to generate a nationwide conversation about the role of the federal government in health care.Less
This chapter details events in Josephine Roche's life from 1935 to 1939. Despite her many other roles, Roche's primary obligation in the New Deal government was oversight of health policy. She fulfilled that obligation in two ways. Within the Treasury Department, she took charge of the Public Health Service at a moment of explosive growth, championing a vastly expanded mandate for the agency and building a more effective public health infrastructure in the states. Outside the Treasury, she spearheaded a campaign to elevate health care to the status of a “basic American right.” In the course of that campaign, Roche patched together a national health plan, which she used to generate a nationwide conversation about the role of the federal government in health care.
Douglas Wass
- Published in print:
- 2008
- Published Online:
- May 2008
- ISBN:
- 9780199534746
- eISBN:
- 9780191715884
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199534746.001.0001
- Subject:
- Economics and Finance, Economic History
This book gives an account of a crucially important episode in the post-War political history of the UK — the financial crisis of 1976 when the British Government had to seek large credit from the ...
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This book gives an account of a crucially important episode in the post-War political history of the UK — the financial crisis of 1976 when the British Government had to seek large credit from the International Monetary Fund. The author of this book takes advantage of the privileged position he occupied at the relevant time as official head of the Treasury and of his knowledge of the business of policy formation to trace the antecedents of the crisis, and takes the reader through the complex process of economic and political analysis. The book shows how that analysis came to play such an important part in the negotiations which led to the IMF loan. It looks at both the technical and political aspects of the crisis. In its concluding section, he examines whether the political and administrative apparatus was equal to the tasks it had to tackle. The book raises some hitherto unasked questions about the inevitability of the crisis and about the measures taken to resolve it. In so doing, it aims to rekindle interest in the way the British economy was managed in the four decades following the Second World War and poses the question of whether the events described could occur in the world of today.Less
This book gives an account of a crucially important episode in the post-War political history of the UK — the financial crisis of 1976 when the British Government had to seek large credit from the International Monetary Fund. The author of this book takes advantage of the privileged position he occupied at the relevant time as official head of the Treasury and of his knowledge of the business of policy formation to trace the antecedents of the crisis, and takes the reader through the complex process of economic and political analysis. The book shows how that analysis came to play such an important part in the negotiations which led to the IMF loan. It looks at both the technical and political aspects of the crisis. In its concluding section, he examines whether the political and administrative apparatus was equal to the tasks it had to tackle. The book raises some hitherto unasked questions about the inevitability of the crisis and about the measures taken to resolve it. In so doing, it aims to rekindle interest in the way the British economy was managed in the four decades following the Second World War and poses the question of whether the events described could occur in the world of today.
Douglas John Casson
- Published in print:
- 2011
- Published Online:
- October 2017
- ISBN:
- 9780691144740
- eISBN:
- 9781400836888
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691144740.003.0009
- Subject:
- Political Science, Political Theory
This concluding chapter reviews how Locke's attempt to establish a stable and trustworthy monetary standard was nothing short of a fiasco. When the secretary of the Treasury proposed to stabilize the ...
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This concluding chapter reviews how Locke's attempt to establish a stable and trustworthy monetary standard was nothing short of a fiasco. When the secretary of the Treasury proposed to stabilize the currency by lowering its silver content coins, Locke rejected the idea. He argued instead that coins should not represent anything other than the “intrinsick value” of their silver content. If the government abandoned the “natural” worth of coins, they would further undermine the trust that people have in their currency. Locke's insistence that Parliament ensure the worth or trustworthiness of the currency by maintaining its weight led to the Great Recoinage of 1696. However, most contemporary economists believe that England would have been better off had Locke lost the argument and allowed the Treasury to debase the coin.Less
This concluding chapter reviews how Locke's attempt to establish a stable and trustworthy monetary standard was nothing short of a fiasco. When the secretary of the Treasury proposed to stabilize the currency by lowering its silver content coins, Locke rejected the idea. He argued instead that coins should not represent anything other than the “intrinsick value” of their silver content. If the government abandoned the “natural” worth of coins, they would further undermine the trust that people have in their currency. Locke's insistence that Parliament ensure the worth or trustworthiness of the currency by maintaining its weight led to the Great Recoinage of 1696. However, most contemporary economists believe that England would have been better off had Locke lost the argument and allowed the Treasury to debase the coin.
Franz Neumann
- Published in print:
- 2013
- Published Online:
- October 2017
- ISBN:
- 9780691134130
- eISBN:
- 9781400846467
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691134130.003.0022
- Subject:
- History, Military History
This chapter examines the problem of inflation in Germany. In 1914 the German government based its war finance program on the assumption that World War I would be short. No additional taxation was ...
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This chapter examines the problem of inflation in Germany. In 1914 the German government based its war finance program on the assumption that World War I would be short. No additional taxation was introduced. Loans were considered sufficient to cover the total war expenses. The government obtained the necessary cash by discounting treasury notes with the Reichsbank which, in turn, sold these notes to banks and large business firms. Every six months loans were floated to redeem the treasury notes. The chapter begins with a discussion of Germany's war financing during the period 1914–1924, focusing on the post-war budget deficit and reestablishment of free prices, depreciation of the mark, and stabilization of the currency. It then considers Nazi Germany's finances during the period 1933–1943, along with the inflation problem after the defeat of Germany in World War II.Less
This chapter examines the problem of inflation in Germany. In 1914 the German government based its war finance program on the assumption that World War I would be short. No additional taxation was introduced. Loans were considered sufficient to cover the total war expenses. The government obtained the necessary cash by discounting treasury notes with the Reichsbank which, in turn, sold these notes to banks and large business firms. Every six months loans were floated to redeem the treasury notes. The chapter begins with a discussion of Germany's war financing during the period 1914–1924, focusing on the post-war budget deficit and reestablishment of free prices, depreciation of the mark, and stabilization of the currency. It then considers Nazi Germany's finances during the period 1933–1943, along with the inflation problem after the defeat of Germany in World War II.
E. H. H. GREEN
- Published in print:
- 2002
- Published Online:
- January 2010
- ISBN:
- 9780198205937
- eISBN:
- 9780191717116
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198205937.003.0008
- Subject:
- History, Political History
This chapter offers a new interpretation of the resignation of the Conservative Treasury team of Peter Thorneycroft, Nigel Birch, and Enoch Powell in January 1958, and suggests that this episode, ...
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This chapter offers a new interpretation of the resignation of the Conservative Treasury team of Peter Thorneycroft, Nigel Birch, and Enoch Powell in January 1958, and suggests that this episode, caused by disagreements over inflation, cannot be seen as a ‘rehearsal’ for future debates between ‘Monetarists’ and ‘Keynesians’ in the party. Rather, it suggests that the events of 1958 must be seen as part of a debate that had profound but much more nuanced implications for the future development of Conservative political economy.Less
This chapter offers a new interpretation of the resignation of the Conservative Treasury team of Peter Thorneycroft, Nigel Birch, and Enoch Powell in January 1958, and suggests that this episode, caused by disagreements over inflation, cannot be seen as a ‘rehearsal’ for future debates between ‘Monetarists’ and ‘Keynesians’ in the party. Rather, it suggests that the events of 1958 must be seen as part of a debate that had profound but much more nuanced implications for the future development of Conservative political economy.
Narcís Serra, Shari Spiegel, and Joseph E. Stiglitz
- Published in print:
- 2008
- Published Online:
- May 2008
- ISBN:
- 9780199534081
- eISBN:
- 9780191714658
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199534081.003.0001
- Subject:
- Economics and Finance, Development, Growth, and Environmental
The point of departure for this book is the Washington Consensus — the set of views about effective development strategies that have come to be associated with the Washington-based institutions: the ...
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The point of departure for this book is the Washington Consensus — the set of views about effective development strategies that have come to be associated with the Washington-based institutions: the IMF, the World Bank, and the US Treasury. This introductory chapter briefly discusses the origins of the Washington Consensus and how its meaning has changed and been interpreted. It then goes on to outline the chapters in the book.Less
The point of departure for this book is the Washington Consensus — the set of views about effective development strategies that have come to be associated with the Washington-based institutions: the IMF, the World Bank, and the US Treasury. This introductory chapter briefly discusses the origins of the Washington Consensus and how its meaning has changed and been interpreted. It then goes on to outline the chapters in the book.
Joseph E. Stiglitz
- Published in print:
- 2008
- Published Online:
- May 2008
- ISBN:
- 9780199534081
- eISBN:
- 9780191714658
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199534081.003.0004
- Subject:
- Economics and Finance, Development, Growth, and Environmental
If there is a consensus today about what strategies are most likely to promote development in poor countries, it is this: the ‘Washington Consensus’ — the oversimplified rendition of policies ...
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If there is a consensus today about what strategies are most likely to promote development in poor countries, it is this: the ‘Washington Consensus’ — the oversimplified rendition of policies recommended by international financial institutions and the US Treasury — did not provide the answer. This chapter reviews the tenets of the Washington Consensus and shows why its orthodox recipes failed to generate economic growth in the countries that applied them. It goes on to outline the ‘post-“Washington Consensus” Consensus’, which has emerged as a result of the growing dissatisfaction with the Washington Consensus failures. Aspects include: the agreement that a successful development strategy cannot come only from Washington but must include the developing world in a meaningful way; one-site-fits-all policies are doomed to fail; countries should be given room to experiment, use their own judgment, and explore alternatives; development requires a balanced role between the state and the market and the strengthening of the institutions in each; and finally, success must be measured not only in GDP, but also must account for distribution as well as social and environmental sustainability.Less
If there is a consensus today about what strategies are most likely to promote development in poor countries, it is this: the ‘Washington Consensus’ — the oversimplified rendition of policies recommended by international financial institutions and the US Treasury — did not provide the answer. This chapter reviews the tenets of the Washington Consensus and shows why its orthodox recipes failed to generate economic growth in the countries that applied them. It goes on to outline the ‘post-“Washington Consensus” Consensus’, which has emerged as a result of the growing dissatisfaction with the Washington Consensus failures. Aspects include: the agreement that a successful development strategy cannot come only from Washington but must include the developing world in a meaningful way; one-site-fits-all policies are doomed to fail; countries should be given room to experiment, use their own judgment, and explore alternatives; development requires a balanced role between the state and the market and the strengthening of the institutions in each; and finally, success must be measured not only in GDP, but also must account for distribution as well as social and environmental sustainability.
John Hardman
- Published in print:
- 2010
- Published Online:
- January 2011
- ISBN:
- 9780199585779
- eISBN:
- 9780191595325
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199585779.003.0008
- Subject:
- History, European Modern History, Political History
This chapter analyses the dramatic dénouement of Calonne's career. In a desperate attempt to put pressure on the Notables, he published his reforms and ordered the mass distribution of the preface, ...
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This chapter analyses the dramatic dénouement of Calonne's career. In a desperate attempt to put pressure on the Notables, he published his reforms and ordered the mass distribution of the preface, known as the Avertissement. The Notables took this as an ‘appeal to the people’ against them and resolved not just to defeat Calonne's programme but bring about his downfall. But he still enjoyed the king's confidence and in the last days of his ministry he presented the king with proposals for a unified ministry and treasury which would have made him an English-style premier. Finally Louis, panicked by a credit crisis, dismissed Calonne and attempted to salvage his programme by appointing his elderly collaborator, Bouvard de Fourqueux, as finance minister.Less
This chapter analyses the dramatic dénouement of Calonne's career. In a desperate attempt to put pressure on the Notables, he published his reforms and ordered the mass distribution of the preface, known as the Avertissement. The Notables took this as an ‘appeal to the people’ against them and resolved not just to defeat Calonne's programme but bring about his downfall. But he still enjoyed the king's confidence and in the last days of his ministry he presented the king with proposals for a unified ministry and treasury which would have made him an English-style premier. Finally Louis, panicked by a credit crisis, dismissed Calonne and attempted to salvage his programme by appointing his elderly collaborator, Bouvard de Fourqueux, as finance minister.
Jay Sexton
- Published in print:
- 2005
- Published Online:
- January 2010
- ISBN:
- 9780199281039
- eISBN:
- 9780191712753
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199281039.003.0003
- Subject:
- History, American History: 19th Century
This chapter presents the twofold international objectives of the Union: to obtain financial and material support abroad while blocking European powers from recognizing and assisting the Confederacy. ...
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This chapter presents the twofold international objectives of the Union: to obtain financial and material support abroad while blocking European powers from recognizing and assisting the Confederacy. It discusses that Salmon P. Chase inherited in early 1861 a Treasury Department that had run a deficit of more than $7 million the previous year. It shows some of the Treasury decisions that Chase made. It also examines Belmont as an excellent Union agent sent to Europe during the war. It assesses the ways on how the U.S. secured financial support in Europe. It presents some of the Union efforts in Europe to minimize and European financial and material support for the Confederacy.Less
This chapter presents the twofold international objectives of the Union: to obtain financial and material support abroad while blocking European powers from recognizing and assisting the Confederacy. It discusses that Salmon P. Chase inherited in early 1861 a Treasury Department that had run a deficit of more than $7 million the previous year. It shows some of the Treasury decisions that Chase made. It also examines Belmont as an excellent Union agent sent to Europe during the war. It assesses the ways on how the U.S. secured financial support in Europe. It presents some of the Union efforts in Europe to minimize and European financial and material support for the Confederacy.
Graciana del Castillo
- Published in print:
- 2008
- Published Online:
- January 2009
- ISBN:
- 9780199237739
- eISBN:
- 9780191717239
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199237739.003.0010
- Subject:
- Economics and Finance, Development, Growth, and Environmental, International
Following US-led military intervention and regime change, Afghanistan's reconstruction, unlike Iraq's, was largely UN-led. The new government made executive decisions but was highly aid-dependent. By ...
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Following US-led military intervention and regime change, Afghanistan's reconstruction, unlike Iraq's, was largely UN-led. The new government made executive decisions but was highly aid-dependent. By channeling aid outside control of the government, donors failed to strengthen and legitimize it. Efforts to eliminate poppy plantations without a viable economic alternative have increased conflict and strengthened the Taliban, rather than being a peace-supporting strategy. This chapter critically analyzes whether the reconstruction strategy in a country with such limited resources, weak institutions, and low capacity to absorb aid requires the sophisticated legal, institutional, and regulatory framework that the IFIs, USAID, and the US Treasury supported and helped design. Furthermore, with few exceptions, such framework largely ignored national preferences or cultural idiosyncrasies and was inflexible enough to detract from efforts at rehabilitation and social policies. These would have facilitated peace consolidation in the short run by improving the welfare of the population.Less
Following US-led military intervention and regime change, Afghanistan's reconstruction, unlike Iraq's, was largely UN-led. The new government made executive decisions but was highly aid-dependent. By channeling aid outside control of the government, donors failed to strengthen and legitimize it. Efforts to eliminate poppy plantations without a viable economic alternative have increased conflict and strengthened the Taliban, rather than being a peace-supporting strategy. This chapter critically analyzes whether the reconstruction strategy in a country with such limited resources, weak institutions, and low capacity to absorb aid requires the sophisticated legal, institutional, and regulatory framework that the IFIs, USAID, and the US Treasury supported and helped design. Furthermore, with few exceptions, such framework largely ignored national preferences or cultural idiosyncrasies and was inflexible enough to detract from efforts at rehabilitation and social policies. These would have facilitated peace consolidation in the short run by improving the welfare of the population.
