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Ekonomik Yaklasim. 2010; 21(77): 143-170

Political-Economical Changes in United Kingdom and Fiscal Crisis


The very first policy implemented by newly-elected coalition government in UK is to unveil an austerity plan and to drop an axe on public spending. Today the rocketing budget deficit and economic recession are two main problems of UK economy; and the former is mainly due to government intervention to save financial sector from collapse. Yet this article does not claim that the fiscal crisis of the UK state is only a contingent event given rise by a temporary recession. Rather this work evaluates the crisis of public finance as a structural problem. The aim of this article is to depict this dynamic patterns of public finance through analysing medium term political and economic structure of UK. This work chronologically and structurally deals with the public debt, revenue and expenditure dynamics in the era beginning with the Thatcher government and lasting 31 years up to current crisis, with a specific emphasis on the argument that the period is shaped by the neoliberal policies.

Key words: United Kingdom, Public Finance, Thatcher, Fiscal Crisis, Neoliberalism. JEL Classification: H0, H10, H11, H20, H50, H60, H70

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