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Punch Newspapers Sections From the period after World War II, in 1945, the “Washington Consensus” had revolved around the need to commit public money to build some aspects of the economy. This was underlined by America’s “Marshall Plan” (European Recovery Programme), aimed at reviving Western European economies from the ruins of the war. It was underwritten with US15bn, and enacted into law by the US Congress in 1948. Western economies would be run on the basis of free market, with minimal government intervention targeted at infrastructure and social services. Government annual deficit could be offset by ‘limited’ borrowing. Inflation could rise a little, but that was preferable to rising unemployment. A cosy, middle-of-the road, mixed economy type philosophy you might say, but it worked. The “consensus” remained the orthodoxy until it came under sustained assault by the apostles of (ultra) free market, the ‘supply-side’ (lower taxes, minimal regulation, and f

United statesFrance generalUnited kingdomRepublic of irelandAdam smithJanet yellenMargaret thatcherRonald reaganEuropean councilAmerica marshall plan european recovery programmeUs congressWorld warEuropean recovery programmeWestern europeanPrime ministerMrs margaret thatcher