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The first part of this fascinating book outlines the dreams of liberal economics and political scientists. The thinkers sketch out frameworks for policy, which, in increasing the domain for individual action, will give rise to beneficial results and lead to a better and more prosperous soceity.The second part of the book shows how an earlier generation of liberal economists turbaned ideas into action. Led by Ralph Harris and Arthur Seldon, the authors writing for the IEA helped to turban back the tide of collectivism by exposing its intellectual failings.
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About the Author
Philip Booth is Editorial and Programme Director and the Institute of Economic Affairs and Professor of Insurance and Risk Management at the Sir John Cass Business School, City University, UK.
Table of Contents
Part One: Times future? 2. Health 2055
-Promise and reality: how the NHS failed people
-The political economy of health rationing
-Tiptoeing back to market
-A real market
-Questioning the role of the state
-Rise of the therapeutic state
3. Education reclaimed
-A dream of education without state
-The end of 'school'
-Education for its own sake
4. Policing a liberal society
-The growth of crime
-Successful ways of preventing crime
-Applying these lessons to the UK
-Major institutional change
5. Pension provision in 2055
-State involvement in pensions
-Time to move on
-The difficulty of moving on
-The minimal state in pension provision
-A more pragmatic approach
6. Social security in a free society
-The safety net
-Policy options for people out of work
-Policy options for those in work on low pay
-Provision for old age
7. Limits on the tax burden
-What is the limit of the tax burden?
-Unsustainability of very high tax rates
-Tax policy over the coming generations
8. Britain's Relationship with the European Union
-Services: a regime of internal protectionism
-The EU pensions crisis
-What should the UK do?
9. Regulating the labour market
-Freedom of contract?
-What does regulation do?
-The impact on the economy as a whole
-Employment regualation in the long term
10 Free trade: the next 50 years
-Taking stock: the case for free trade, past and present
-Taking stock: free trade in practice
-Looking ahead: world political-economic trends
-Looking ahead: making the case for free trade
11. Competition in land use planning: an agenda for the twenty-first century
-The case for markets in land use planning
-Private land use planning: past, present and future
-A liberal utopia
12. Beyond Kyoto: real solutions to greenhouse emissions from developing countries
-Economics, energy and emissions
-Energy use and economic growth in develping countries
-Choice of technology in developing countries
-Economic freedom, market imperfections and greenhouse gas emissions
-Impediments to efficient energy use in particular countries
13. The environment in 2055
-Benefits, risks and trade-offs
-Private regulation: so safe and bright future
-Over-fishing and individual transferable quotas
-Privatisation and conservation
-The decline of natural disasters
-The last 50 years
-Capitalism yesterday and today
-Economic progress and individual freedom
15. A constitution for liberty
-A written, codified constitution
-Constitutional limits on government
-Inter-jurisdictional competition: national, regional and local government
-Separation of powers and a constitutional court
-A constitutional monarchy
-The Houses of parliament
16. The Hayekian future of economic methodology
-The Hayekian challenge to twentieth-century economics
-Hayek, complexity and knowledge
-Bounded rationality and imperfect information: the real world of markets
-Hayek, Vernon Smith and the future of 21st-century economics
Part 2: Times Past
-In the wake of Keynes - and Hayek
-Harris and Seldon begin the fight back
-The genius of Arthur Seldon
-Recruiting among the awkward squad
-And the world said...
18. Playing the fool with inflation
-Full employment at any price
-Earlier monetary instruction
-Friedman enters the fray
-How much employment?
-Hayek's competing currencies
19. Now for 'planning'
-On to 'growthmanship'
-Behold: the national plan
-Does planning never work?
-...even in France
-Not forgetting free trade
-The verdict on planning
20. Market versus state
-What about the unions?
-Why not welfare?
21. Behind enemy lines
-Enter bete noir Shonfield
-Et tu, William