3 thoughts on “It’s pure hubris for politicians to think they can “rebalance” the economy”

  1. Posted 09/09/2016 at 12:04 | Permalink

    Interesting you celebrate the fact that Margaret Thatcher “rebalanced” the economy by massive Government intervention in coal, still, ships and cars for example, yet you claim economic action by Governments of any other stripe is entirely impotent. You claim that the catastrophic impact of the banking industry’s almost suicidal recklessness had nothing to do with the “light touch” regulation championed to such disastrous effect by the US Fed and Gordon Brown. I have rarely seen such an astounding example of intellectual doublethink.

  2. Posted 09/09/2016 at 15:00 | Permalink

    I don’t think I say quite what you think I say, but let that pass. Certainly the Thatcher/Major reforms altered the structure of the UK economy, notably by reducing the size of the public sector. But I don’t think Mrs Thatcher or anybody else was consciously aiming to alter the balance between private manufacturing production and private service production, which is what Mrs May seems to be suggesting.

    You might argue that the type of financial regulation pre-2008 was wrong, but there was certainly a lot of it. Whether the extra regulation imposed since then will be any more effective in the case of a major shock remains to be seen. You obviously have more faith in regulation than I do.

  3. Posted 13/09/2016 at 11:57 | Permalink

    De-regulating land-use would impact people’s quality of life. We are a small island, that is losing it’s much-loved countryside – particularly in the south-east and M4 corridor. Many of us do not see the point in concreting over yet more of the England so that we can accommodate more migrants. Is the “growth” that more housing (along with it’s subsequent transport & services development) brings worth having?

    Is GDP a measure worth having?

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