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By Michael Beggs

Within the a long time after global battle II, inflation undermined the aspiration for complete employment in Australia. This e-book tells the tale of the way the Australian kingdom used to be formed by means of the war of words with financial instability: a pre-history of neoliberalism.

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Extra resources for Inflation and the Making of Australian Macroeconomic Policy, 1945–85

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Where to draw the line between (b) and (c) depends on the real conditions in which policy works. In fact much of the history of policy development involves not the working of a fixed system of instruments, but attempts by policymakers to extend their effective reach, as well as developments elsewhere in the socio-economic sphere that frustrate them. All elements of ‘exogenous data’ are not equal: some are truly beyond potential state influence, while others are just beyond reach, more predictable or more susceptible to being coaxed in one way or another, holding out the prospect of pulling them fully into the policy orbit.

39), and among those American economists Block calls the ‘national economic planners’, who believed in the priority of full employment and hoped that the economic size and power of the United States could support that goal in other countries (Block, 1977, pp. 4 White’s original plan, like Keynes’, involved a stabilisation fund with much more lending power than the International Monetary Fund that eventuated, and powers to discipline national governments whose policies were deemed destabilising by four-fifths of members (Block, 1977, pp.

So, while my narrative could be read as a long pre-history of the ‘new macroeconomic consensus’ which finally cohered in the 1990s, it is not teleological, while that consensus’s own origin myth is: the consensus was right all along, even before it was formulated, and economists and policymakers eventually realised it. Instead, I present a narrative of a development that could have been different. Policy change comes from tensions, both internal to policy and external clashes between policy strategy and the defence (and offence) lines of other groups.

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