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Did Gladstone make a difference? Rhetoric and reality in mid-Victorian finance

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  • Christine Gunter
  • John Maloney

Abstract

'Gladstonian finance' is generally taken to mean balancing the budget, limiting the level of public expenditure, and making progress in paying off the national debt. Gladstone also distinguished himself from contemporary Conservatives (and most classical economists) by having no especial dislike for direct taxes. After putting Gladstone's public utterances in the context of his rivals, classical political economy, and contemporary views of the role of the state, we use cointegration analysis to see if Gladstone, as Chancellor or Prime Minister, made a statistically detectable difference to trends in public spending, taxation, the balance of the budget or the size of the national debt. He did not.

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  • Christine Gunter & John Maloney, 1999. "Did Gladstone make a difference? Rhetoric and reality in mid-Victorian finance," Accounting History Review, Taylor & Francis Journals, vol. 9(3), pages 325-347.
    • Handle: RePEc:taf:acbsfi:v:9:y:1999:i:3:p:325-347
    DOI: 10.1080/095852099330241
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    References listed on IDEAS

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    1. Engle, Robert & Granger, Clive, 2015. "Co-integration and error correction: Representation, estimation, and testing," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 39(3), pages 106-135.
    2. Barry Baysinger & Robert Tollison, 1980. "Chaining Leviathan: the Case of Gladstonian Finance," History of Political Economy, Duke University Press, vol. 12(2), pages 206-213, Summer.
    3. Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254.
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    Cited by:

    1. Malcolm Anderson, 2000. "Accounting History Publications 1999," Accounting History Review, Taylor & Francis Journals, vol. 10(3), pages 385-393.

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