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John Wilson

Systems Ltd (FDSL). Moreover, high interest payments, losses on other businesses and the need to put aside enormous sums for exceptional items in the balance sheet, sapped the lifeblood from Ferranti International, resulting in a litany of asset disposals that made longterm survival increasingly unlikely. In addition to these challenges, one must also add that Ferranti International was facing an extremely difficult marketplace: in the first place, with the end of the Cold War, governments across Western Europe and North America were reassessing their military budgets

in Ferranti: A History
Bill Dunn

-faire. This was epitomised by the rise of fascism, but intensified international competition also characterised the democratic allies, for example with the implementation of competitive currency devaluations and increased barriers to trade. Economic revival in the late 1930s had more to do with the drive to the war than deliberately stimulating economic policy. By the end of WWII, the US dominated the Western capitalist world to an unprecedented extent. Now, US anti-communism and Cold War politics became crucial to policy at home and abroad. Keynes was influential within

in Keynes and Marx
Abstract only
Ariane Agunsoye, Michelle Groenewald, and Danielle Guizzo

shifted decisively to the US, which from then on provided the main model for the organisation of economics education and expertise for Western countries during the Cold War. The US led the design of the post-war international economic system and its foreign policy was targeted at the containment of Communism and opening new markets. 37 International institutions and American

in Reclaiming economics for future generations
Abstract only
Bill Dunn

equates the state with socialism in a relatively unproblematic way. It was an association made by Lassalle, Marx’s adversary in Germany in the nineteenth century, and it was made by the Fabians in Keynes’s day. The equivalence also suited the propaganda of both East and West in the post-WWII Cold War era, and opponents of both socialism and Keynesianism have been quick to tar them with the same brush. The common usage perhaps establishes a certain synonymity between ‘Keynesianism’, ‘socialism’ and ‘statism’, but it implies that socialism had existed across millennia

in Keynes and Marx
Bill Dunn

the economic accelerator of reflationary budgets, the classic contradiction of ‘Reaganomics’. Reagan’s deficits were initially dominated by rather un-Keynesian tax cuts for the rich and arms spending but, even with the end of the Cold War, budget deficits continued to rise in the US and many other rich-country economies, at least until the retrenchment after the GFC. The US figures, shown in Figure 12.1 , are broadly typical for those countries for which data are available, showing consistent but countercyclical deficits: rising in the crises of 1990, 2000 and 2008

in Keynes and Marx
Abstract only
John Wilson

destroyer duty, persuading him to take up this subject when he returned to civilian life. He first of all took an undergraduate degree in electrical engineering, again at Rutgers, gaining a magna cum lauda distinction, while a Masters degree had been acquired at the University of Arizona by 1959. This change of direction was no doubt brought on by the attraction of joining the booming American defence industry, in which enormous opportunities were emerging as the USA geared up for the Cold War. After graduating from Arizona, he joined Lockheed Missile & Space, one of the

in Ferranti: A History
Brototi Roy and Francesca Rhys-Williams

modern development economics. In the post-World War Two period, economists grappled with challenges including the reconstruction of Europe, which had been devastated by war, industrialisation in South and Eastern Europe and economic development in the colonies, an increasing number of which were winning their independence. This took on an urgency in the context of the emerging Cold War between the US and Soviet

in Reclaiming economics for future generations
Joe Earle, Cahal Moran, and Zach Ward-Perkins

econometrics and game theory.26 The drive towards formalism and a single paradigm partly reflected the USA’s rise to political dominance, and historical circumstance. As we have seen, economics is closely tied up with politics and this means that economists’ political and academic identities are often interwoven. The heightened tensions of the Cold War put pressure on the discipline to ensure political acceptability and this was done by redoubling the effort to make economics appear scientific and objective. According to the historian Michael Bernstein: The homogenization of

in The econocracy
The resurgence of Route 128 in Massachusetts
Michael H. Best

enjoying a ninety-month expansion labelled the ‘Massachusetts’ Miracle’, the Commonwealth lost one-third of its manufacturing jobs between 1985 and 1992. The country’s first high-tech region had seemingly lost industrial leadership much more quickly in the new industries of the late twentieth century than in industries first established in Massachusetts in the nineteenth century. The simultaneous collapse of the minicomputer and defence industry, with the end of the Cold War, touched off a downturn which, added to the longterm contraction of traditional industries

in Market relations and the competitive process
John Wilson

provided by the Ferranti naval systems business,42 in that a French contractor was found for contracts that would in the past have normally been placed in the UK. While export markets like the Middle East remained buoyant, and Ferranti divisions were making strenuous efforts to break into the USA and Latin America, it was business from the Ministry of Defence on which the firm principally relied. These pressures would also intensify after 1989, when the Cold War was officially brought to an end and the global defence business received yet another shock, an issue we shall

in Ferranti: A History