{"id":59884,"date":"2021-10-31T09:36:18","date_gmt":"2021-10-31T09:36:18","guid":{"rendered":"https:\/\/www.taxresearch.org.uk\/Blog\/?p=59884"},"modified":"2021-10-31T09:36:18","modified_gmt":"2021-10-31T09:36:18","slug":"william-beveridge-knew-that-modern-monetary-theory-was-right-in-1944-why-cant-modern-politicians-take-note","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2021\/10\/31\/william-beveridge-knew-that-modern-monetary-theory-was-right-in-1944-why-cant-modern-politicians-take-note\/","title":{"rendered":"William Beveridge knew that  modern monetary theory was right in 1944. Why can&#8217;t modern politicians take note?"},"content":{"rendered":"<p>This paragraph is in <a href=\"http:\/\/pinguet.free.fr\/beveridge44.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">William Beveridge's 1944 report<\/a> on full employment, admittedly from the 1960 edition:<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large wp-image-59885\" src=\"https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2021\/10\/Screenshot-2021-10-31-at-09.23.52-550x316.png\" alt=\"\" width=\"550\" height=\"316\" srcset=\"https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2021\/10\/Screenshot-2021-10-31-at-09.23.52-550x316.png 550w, https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2021\/10\/Screenshot-2021-10-31-at-09.23.52-523x300.png 523w, https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2021\/10\/Screenshot-2021-10-31-at-09.23.52-768x441.png 768w, https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2021\/10\/Screenshot-2021-10-31-at-09.23.52-600x344.png 600w, https:\/\/www.taxresearch.org.uk\/Blog\/wp-content\/uploads\/2021\/10\/Screenshot-2021-10-31-at-09.23.52.png 1488w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/p>\n<p>I have highlighted key sentences, but those in between are fairly key too. This is modern monetary theory, written in 1944.<\/p>\n<p>The references to the financing of the war clearly references Keynes' work on that issue, without saying so - and it is right.<\/p>\n<p>However, the fact that the other paragraphs so clearly put forward the straightforward view that government is not a household and that the money for full employment can always be found by any government that has an economy not enjoying it is vital.<\/p>\n<p>I suggest that Labour should take note.<\/p>\n<p>The SNP should too.<\/p>\n<p><em>Great work by <a href=\"https:\/\/www.facebook.com\/groups\/1466864300089196\/permalink\/4243671169075148\/\" target=\"_blank\" rel=\"noopener noreferrer\">Malcolm Reavell in Modern Money Scotland<\/a> to find this.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This paragraph is in William Beveridge&#8217;s 1944 report on full employment, admittedly from the 1960 edition: I have highlighted key sentences, but those in between<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2021\/10\/31\/william-beveridge-knew-that-modern-monetary-theory-was-right-in-1944-why-cant-modern-politicians-take-note\/\"><em> Read the full article&#8230;<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,174,106],"tags":[],"class_list":["post-59884","post","type-post","status-publish","format-standard","hentry","category-economics","category-modern-monetary-theory","category-politics"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/59884","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=59884"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/59884\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=59884"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=59884"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=59884"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}