Word: monetarists
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...treasury and succeeded in winning sizable rebates. She lambasted the Soviet Union with cold war invective. She coldly withstood the threats of Irish Republican Army hunger strikers, even when ten of them died of starvation in 1981 at Belfast's Maze prison. She pursued an austere, rigidly monetarist economic line, and when members of her Cabinet protested about the pain it was causing many Britons, she forced out a number of these "wets," her term for the irresolute. Says former Labor Prime Minister Sir Harold Wilson, 67, who retired from politics last month after 38 years in Parliament: "Mrs. Thatcher...
...Federal Reserve, that had caused and prolonged the Depression. He showed in minute detail how failures of monetary policy--occasionally motivated by the anti-Semitism of some Fed governors--had created catastrophe from what could have been a short recession. This analysis was so powerful that it revitalized the monetarist school of economic thought: that the supply of money greatly affects not only prices but economic output. It redeemed the free market...
...think that's quite fair. Interest rates went up much further than I would have thought. But when the Federal Reserve System as a whole got the bit in their teeth, they wanted to carry out the monetarist doctrine to its fullest extent. We got pushed into an even more hands-off stance than I personally would have suggested in the beginning. But we really didn't go out of our way to try to moderate the rise in rates, because everybody got all caught up with this feeling that we wanted to demonstrate credibility and have some favorable effects...
...What was remarkable is how little criticism ((of the Fed)) he had even in the midst of the election campaign. At one point he made some comments, which weren't all that devastating, about why the Federal Reserve didn't have to be as monetarist as they in fact were. And Reagan at the same time was criticizing us for being too easy. You know, some Democrats think we lost the election for Jimmy Carter. I've asked him about that. He never thought we were a net bonus to him. But I don't think he blames...
...This monetarist view of learning is what worries scholars most. The Universities Funding Council, to be appointed by Baker, will be empowered to make grants subject to certain undefined "terms and conditions" -- a phrase that academics fear may portend industry-style contracting. And abolishing tenure, says Paul Cottrell of the Association of University Teachers, "will make academics easier to sack." The ultimate result, he adds, will be to make it "more difficult to protect their academic freedom...