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dc.contributor.authorBeggs, Michael John
dc.date.accessioned2011-07-06
dc.date.available2011-07-06
dc.date.issued2011-07-06
dc.identifier.urihttp://hdl.handle.net/2123/7710
dc.descriptionDoctor of Philosophyen_AU
dc.description.abstractThis thesis traces the impact of inflation on the making of macroeconomic policy in Australia between the end of World War II and the mid-1980s. I take issue with accounts of policy change that focus primarily on ideological change on the part of policymakers. Instead, I present policy as strategic activity within a complex, evolving economic system which is not centred on policy, and in which, therefore, policy does not have a monopoly on initiative. I draw on Marxian state theory and Tinbergian theory of economic policy to explore why counter-inflationary policy emerged as an imperative for the capitalist state and how it came to play a dominant role in organising macroeconomic policy in general. I also focus in detail on the development of central banking in Australia, drawing on post-Keynesian structuralist monetary theory. The body of the thesis is divided into two parts, one dealing with ‘the long 1950s’ and the other ‘the long 1970s’. Both are treated as periods of transition, rather than of stable policy regimes. In ‘the long 1950s’ macroeconomic policy was brand new, and the authorities had to build an effective system of macroeconomic management, sometimes against the active opposition of other groups. A contradiction developed between full employment and price stability, and the latter was prioritised because of limits set by the balance-of-payments under the Bretton Woods international monetary system. The long 1970s was a period of crisis and distributional class conflict. The break-up of Bretton Woods and the movement towards flexible exchange rates changed the form of constraint but continued to impose a counter-inflationary imperative. Monetarism provided an organising and legitimating principle for extremely restrictive macroeconomic policy and the abandonment of full employment as a policy goal, even though policymakers were sceptical of its propositions. Finally, I discuss the movement towards deregulation as something which strengthened rather than undermined the central bank’s power to pursue monetary policy.en_AU
dc.publisherUniversity of Sydney.en_AU
dc.publisherPolitical Economyen_AU
dc.rightsThe author retains copyright of this thesis.
dc.rights.urihttp://www.library.usyd.edu.au/copyright.html
dc.subjectinflationen_AU
dc.subjectmacroeconomic policyen_AU
dc.subjectAustraliaen_AU
dc.subjectmonetary policyen_AU
dc.subjectfiscal policyen_AU
dc.subjecteconomic historyen_AU
dc.subjectpolicy historyen_AU
dc.subjectpostwar boomen_AU
dc.subjectstagflationen_AU
dc.subjectfull employmenten_AU
dc.subjectPhillips curveen_AU
dc.subjectpost-Keynesianen_AU
dc.subjectKeynesen_AU
dc.subjectMarxen_AU
dc.subjecteconomic policyen_AU
dc.subject1940sen_AU
dc.subject1950sen_AU
dc.subject1960sen_AU
dc.subject1970sen_AU
dc.subject1980sen_AU
dc.subjectReserve Banken_AU
dc.subjectTreasuryen_AU
dc.subjectCommonwealth Banken_AU
dc.subjecthistory of economic thoughten_AU
dc.titleInflation and the making of macroeconomic policy in Australia, 1945-85en_AU
dc.typePhD Doctorateen_AU
dc.date.valid2011-01-01en_AU


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