The Conservative Approach to State Intervention after 1979...

The conservative approach to state intervention post 1979 has been on the whole to go for the minimum as is illustrated in their economic policy and this was included in their critique of government economic policy at that time. On the whole the government felt that levels of state intervention were far too high in regards to the economy which led to various negative consequences such as making industry uncompetitive and laid back since the government would bail them out at the first sign of smoke as Labour always did. They also felt it destroyed the incentives for individual entrepreneurship leading people into not achieving their full potential as it was not worth there while, this led to lack of money within the economy as well as top†¦show more content†¦It had two main aspects to it, the most effective way to control the economy is to ensure that the money supply does not rise faster then the growth in economic activity. This is designed to ensure that high inflation is avoided and that industry can operate within a stable economic environment. It also implies that governments should not interfere with the rest of the economy, it is fairly liberal since it promotes minimum state intervention. There were 3 main ways in fulfilling the theory of monetarism, the first was control of the money supply. This was done by initially calculating the money supply. This would help in setting annual targets over growth rate which could be published with the budget as part of a medium term financial strategy. Any deficits could be reduced via 3 ways, high interest rates to lower demand, financing the public sector borrowing requirement without printing money and allowing exchange rate to float as well as stop buying and selling foreign currency to effect the money supply. 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