A History of Macroeconomic Policy in the United States by John H. Wood PDF

By John H. Wood

ISBN-10: 020388356X

ISBN-13: 9780203883563

ISBN-10: 0415777186

ISBN-13: 9780415777186

Keynes requested no matter if his ‘visionary’ rules could triumph over the pursuits against switch. even though, an exam of the histories of economic and monetary guidelines means that it is a fake contrast. The pursuits and concepts linked to govt guidelines are seldom antagonistic. The suspicion that the latter extra usually follows than confronts the previous is supported via the studies documented during this book.

Professor Wood’s new identify examines the controlling impacts that force macroeconomic guidelines within the usa. The ebook addresses the historical past of the pursuits, principles, and practices of economic and financial rules within the united states, even though it additionally examines macro-policies in different nations, relatively the united kingdom. Professor wooden argues that monetary rules within the usa were really predictable and reliable traditionally, via a close exam of conflicts over taxes and fiscal coverage akin to the whiskey uprising, Magna Carta, the Stamp Act, the Banks of the united states, and the Federal Reserve. matters coated additionally comprise estate, economists’ theories of stabilization, taxes, deficits, and fiscal policy.

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The solution also had two parts: satisfaction of the king’s financial requirements as a matter of course instead of uncertainly and inefficiently in contests with Parliament; and parliamentary legal supremacy, or rather supremacy of ‘the king in Parliament’. The method was substitution of the national debt for the king’s purse. Instead of voting money to the king and hoping for the best, Parliament would allocate funds to the appropriate departments and monitor them. This was easier resolved than accomplished.

In less than six months he had to resort to another Parliament, which became the Long Parliament because it refused to be dissolved, asserted sovereignty, and waged war against the king. Parliament won the Civil War, executed the king in 1649, and formed the Commonwealth. Parliament reigned by virtue of the army. In 1653, the head of the army, Oliver Cromwell, became lord protector. His difficulties with Parliament and the country were not unlike Charles’s. Unable to deal with the myriad of religious and other issues to the general satisfaction, and with the declining legitimacy of unrepresentative Parliaments, taxes became increasingly difficult to collect.

A few armed vessels, judiciously stationed at the entrance of our ports, might at a small expense be made useful sentinels of the laws. [T]he people will ill brook the inquisitive and peremptory spirit of excise laws. The pockets of the farmers ... will reluctantly yield but scanty supplies.... In this country, if the principal part [of revenue] be not drawn from commerce, it must fall with oppressive weight upon land.... Thus we shall not even have the consolations of a full treasury to atone for the oppression of that valuable class of citizens who are employed in the cultivation of the soil.

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A History of Macroeconomic Policy in the United States by John H. Wood

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