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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 ), Principles
, ‘Competition, innovation and regulation in British banking’,
Bank of England Quarterly Bulletin, September 1983, p. 367, available
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
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
the final chapter of this book, in which we set out our vision of how
econocracies must change to become more democratic.
1 John S. Mill, Inaugural Address Delivered to the University of St
Andrews, London: Longmans, Green, Reader, and Dyer, 1867, 5.
Available at: https://archive.org/details/inauguraladdres00millgoog
(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://
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: https://www.marxists.org/archive/marx/works/1867-c1/
position in 1987’, Ferranti Archive
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
are created. It is these institutions that reproduce econocracy.
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: http://www.ft.com/cms/
(accessed 25 April 2016).
3 Media Coverage