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, Houghton Mifflin. Reprinted Chicago, University of Chicago Press, 1971. Marshall, A. (1919), Industry and Trade, London, Macmillan. Marshall, A. (1920), Principles of Economics, London, Macmillan. Marshall, A. (1994), ‘Ye machine’, Research in the History of Economic Thought and Methodology, Archival Supplement 4, Greenwich, CT, JAI Press, pp. 116–32. Ménard, C. (1995), ‘Markets as institutions versus organizations as markets? Disentangling some fundamental concepts’, Journal of Economic Behavior and Organization, 28(2), pp. 161–82. Menger, C. (1976 [1871]), Principles

in Market relations and the competitive process

, ‘Competition, innovation and regulation in British banking’, Bank of England Quarterly Bulletin, September 1983, p. 367, available at​ 1983/​qb83q3363376.pdf (accessed 1 May 2018).  5 The Group of Ten countries at that time consisted (despite its name) of 11 industrial countries: Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, the UK and the USA. Bankhaus Herstatt was closed by the German regulators at 16:30 German time, because it was insolvent. It had made the wrong

in Holding bankers to account

not directly linked to funding. In contrast, allocation of contemporary funding for research is largely based on REF scores. The first assessment exercise was not very significant in terms of funding, but over the course of the next few assessments the percentage of research funding allocated through these exercises increased: in the second exercise in 1989, it stood at 50 per cent; by 1992, it was over 90 per cent.40 A brief glance at the University of Manchester archives shows how this changed the atmosphere in the department. Before the change, reports focused on

in The econocracy

the final chapter of this book, in which we set out our vision of how econocracies must change to become more democratic. Notes  1 John S. Mill, Inaugural Address Delivered to the University of St Andrews, London: Longmans, Green, Reader, and Dyer, 1867, 5. Available at: (accessed 22 April 2016).  2 Sue Donelly, ‘William Beveridge’s advice for new students’, London School of Economics History, 7 October 2014. Available at: http://

in The econocracy

Radia and Thomas Ryland, ‘Money creation in the modern economy’, Bank of England Quarterly Bullet, Q1 2014. Available at: http://www. qb14q1prereleasemoneycreation.pdf (accessed 24 April 2016). 13 For an overview of the NAIRU, see Laurence Ball and Gregory N. Mankiw, ‘The NAIRU in theory and practice’, Journal of Economic Perspectives 16(4) (2002): 115–36. 14 See Karl Marx, Capital Vol. I – Chapter Twenty-Five, 1867 [online]. Available at: ch25.htm

in The econocracy

position in 1987’, Ferranti Archive (FA). 15 Interview with Derek Alun-Jones. See M. Goold, and A. Campbell (1987), Strategies and Styles. The Role of the Centre in Managing Diversified Corporations, Blackwell pp. 137–8. 16 See Chs 3–5 in Vol. 2. 17 See Ch. 6 in Vol. 2. 18 See Ch. 1 in Vol. 2. 19 C. Scott, ‘The 1987–90 three year plan and its message’, 1987 Chief Executive’s Conference, 1987, FA. 20 McCallum, ‘Ten year performance and our position in 1987’. 21 See also Appendix H, Vol. 2. 22 See also Appendix A, this vol. 23 In fact, Ferranti employed more people (21

in Ferranti: A History
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of economists are created. It is these institutions that reproduce econocracy. Notes  1 David Cameron, ‘Transforming the British economy: Coalition strategy for economic growth’, speech given in Shipley, 2010. Available at: (accessed 24 April 2016).  2 Chris Giles, ‘Team McDonnell: meet Labour’s seven economic advisers’, Financial Times, 28 September 2015. Available at: s/0/96534d2e-65c1-11e5-a28b-50226830d644.html#axzz46LyM6emQ (accessed 25 April 2016).  3 Media Coverage

in The econocracy