Where did it all go wrong for George Osborne?
It is the Coalition government's policies that are causing economic stagnation, not the wider economic crisis. Under the previous Labour government, the British economy had been expanding moderately following the financial crisis, with recovery being led by public sector expansion which created the confidence for a subsequent private sector expansion. When the Coalition government took office, this policy was reversed, and private sector spending soon followed the downward curve of public sector spending. Far from government spending 'crowding out' the private sector, the opposite is in fact the case: increased government investment 'crowds in' private investment.
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Document Type: Research Article
Publication date: 2011-11-24
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