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The Politics of Counter Inflationary Credibility in Britain, 1990-94

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  • Werner Bonefeld

    (Dept. of Politics, University of York, Heslington, York YO1 5DD, United Kingdom)

  • Peter Burnham

    (Dept. of Politics and International Studies, University of Warwick, Coventry CV4 7AL, United Kingdom)

Abstract

The article makes a contribution to the analysis of national states in the global economy through the lenses of the British political arena. In the 1990s, the British state has sought to underwrite its anti-inflationary stance, firstly through membership in the European Exchange Rate Mechanism (1990-92) and, secondly, by moving from 1992 onwards towards a "soft" model of central bank independence. The paper argues that the means adopted involved an attempt to "externalize" or "depoliticize" government policy by shifting responsibility for its consequences on to an international regime or "Independent" body. These issues are analysed in class terms.

Suggested Citation

  • Werner Bonefeld & Peter Burnham, 1998. "The Politics of Counter Inflationary Credibility in Britain, 1990-94," Review of Radical Political Economics, Union for Radical Political Economics, vol. 30(1), pages 32-52, March.
    • Handle: RePEc:sae:reorpe:v:30:y:1998:i:1:p:32-52
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