Lawson Boom

Lawson Boom

"Lawson Boom" is a term used to describe the macroeconomic conditions prevailing in the United Kingdom at the end of the 1980s, which were indelibly associated with the policies of Chancellor of the Exchequer Nigel Lawson.

The term was used by analogy with the phrase 'The Barber Boom', which describes an earlier period of rapid expansion under the tenure as chancellor of Anthony Barber in the Conservative government of Sir Edward Heath. Critics of Lawson assert that a combination of the abandonment of monetarism the adoption of a de facto exchange-rate target of 3 deutschmarks to the pound, and excessive fiscal laxity (in particular the 1988 budget) unleashed an inflationary spiral.

In 1990, the phrase was used by Shadow Chancellor of the Exchequer John Smith . In a House of Commons debate, he quoted a report which said:

:There have been three phases of this sort, all of which had serious consequences. ::(a) Maudling's dash for growth 1963-64 ; ::(b) Barber's boom, 1972-73 ; ::(c) The Lawson boom, 1986-88. [ [http://www.publications.parliament.uk/pa/cm199091/cmhansrd/1990-11-14/Debate-2.html Hansard] ]

The inflationary pressures of the Lawson Boom were one of the reasons given for the UK's entry into the European Exchange Rate Mechanism in October 1990, a move that was supposed to help restrain inflation in the UK by "importing" the anti-inflationary credibility of the Bundesbank.

ee also

*Black Monday (1987)
*Black Wednesday (1992)

References

External links

* [http://pubs.socialistreviewindex.org.uk/sr170/briefing.htm Miraculous failure]
* [http://www-cfap.jbs.cam.ac.uk/publications/files/Godley%20FT%20060803.pdf The awful warning of the Lawson boom]


Wikimedia Foundation. 2010.

Игры ⚽ Поможем решить контрольную работу

Look at other dictionaries:

  • Nigel Lawson — The Right Honourable The Lord Lawson of Blaby PC Chancellor of the Exchequer …   Wikipedia

  • Nigel Lawson — (2010) Nigel Lawson, Baron Lawson of Blaby, PC (* 11. März 1932 in London) ist ein britischer Politiker der Conservative Party, der zwischen Juni 1983 und Oktober 1989 Schatzkanzler unter Margaret Thatcher war. Seine Amtszeit war länger als di …   Deutsch Wikipedia

  • Thomas W. Lawson (businessman) — Thomas William Lawson (February 26, 1857 February 7, 1925) was an American businessman and author. A highly controversial Boston stock promoter, he is known for both his efforts to promote reforms in the stock markets and the fortune he amassed… …   Wikipedia

  • Josh Lawson — Nacimiento 16 de diciembre de 1981 (29 años) Brisbane, Queensland, Australia Ficha en IMDb Joshua Lawson, es una actor australiano mejor conocido por interpretar Toby Jones en la serie Sea Patrol …   Wikipedia Español

  • Black Wednesday — In British politics and economics, Black Wednesday refers to the events of 16 September 1992 when the Conservative government was forced to withdraw the pound from currency fix, the European Exchange Rate Mechanism (ERM) after they were unable to …   Wikipedia

  • Overheating (economics) — Overheating of an economy occurs when its productive capacity is unable to keep pace with growing aggregate demand. It is generally characterised by an above trend rate of economic growth, where growth is occurring at an unsustainable rate. Boom… …   Wikipedia

  • Großbritannien und Nordirland — Großbritạnni|en und Nordịrland,     Kurzinformation:   Fläche: 242 900 km2   Einwohner: (1999) 58,74 Mio.   Hauptstadt: London   Amtssprache: Englisch   Nationalfeiertag: Offizieller …   Universal-Lexikon

  • recession —    A recession is a period during which a country’s economic output falls below its potential, producing less goods and services than the country has capacity for. Recessions are characterized by negative levels of economic growth and… …   Encyclopedia of contemporary British culture

  • education — /ej oo kay sheuhn/, n. 1. the act or process of imparting or acquiring general knowledge, developing the powers of reasoning and judgment, and generally of preparing oneself or others intellectually for mature life. 2. the act or process of… …   Universalium

  • Business and Industry Review — ▪ 1999 Introduction Overview        Annual Average Rates of Growth of Manufacturing Output, 1980 97, Table Pattern of Output, 1994 97, Table Index Numbers of Production, Employment, and Productivity in Manufacturing Industries, Table (For Annual… …   Universalium

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”