Abstract
The previous chapter examined the origins of Thatcherite tax policies in Britain and Reaganomics and their implementation up to 1984. This chapter will examine the implementation of tax policies in Britain and America after 1984 and the extent of policy transfer between the Thatcher and Reagan administrations in taxation policy. It will also focus on the implementation of enterprise zones in Britain and America, the press reaction to the administrations’ tax cuts and, crucially, the tensions between Thatcher and Reagan about the impact of the emerging American deficit on the Thatcherite financial revolution.
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References
W.D. Gunther and C.G. Leathers, ‘British Enterprize Zones: Implications for U.S. Urban Policy’, Journal of Economic Issues, 21:2 (1987), 885.
Ibid. 885–93. See also S. Butler, Enterprise Zones: Greenlining the Inner Cities (New York: Universe, 1981), as referenced by Gunther and Leathers.
For an examination of the effectiveness of enterprise zones in the UK and USA (and an excellent bibliography of the subject), see also L.E. Papke, ‘What do we know about Enterprise Zones?’ Tax Policy and the Economy, 2 (1993), 37–72. (An analysis of the overall success of EZs in the UK and USA is beyond the scope of this monograph.)
R.J. Alexander, ‘A Keynesian Defense of the Reagan Deficit: The Real Issue Is How Big Should Federal Budgets Be and How Should They Be Met’, American Journal of Economics and Sociology, 48:1 (1989), 52.
R. Whiting, The Labour Party and Taxation: Party Identity and Taxation: Party Identity and Political Purpose in Twentieth Century Britain (Cambridge: Cambridge University Press, 2000), 2–6.
N. Lawson, Tax Reform: The Government’s Record (London: Conservative Political Centre, 1988), 4.
For a discussion about the US deficit, incorporating the role of bonds, see: M. Feldstein, ‘Correcting the Trade Deficit’, Foreign Affairs, 65:4 (1987), 795–806;
J.L. Yellen, ‘Symposium on the Budget Deficit’, The Journal of Economic Perspectives, 3:2 (1989), 17–21; and,
J. Kitchen, ‘Domestic and international financial market responses to Federal deficit announcements’, Journal of International Money and Finance, 15:2 (1996), 239–54.
S.F. Hayward, The Age of Reagan: The Conservative Counterrevolution 1980–1989 (New York: Crown Forum, 2009), 82.
W.E. Brownlee and C.E. Steuerle, ‘Taxation’, in W.E. Brownlee and H.D. Graham (eds), The Reagan Presidency: Pragmatic Conservatism and Its Legacies (Lawrence: University Press of Kansas, 2003), 160.
Reagan’s budgetary confrontation with Congress is well established in the literature about the Reagan administration. For instance, see: S. Wilentz, The Age of Reagan: A History 1974–2008 (New York: Harper, 2008), 144–6; Hayward, The Age of Reagan, 183–235;
and, J.W. Sloan, The Reagan Effect: Economics and Presidential Leadership (Kansas: Kansas University Press, 1999), 128–51.
M. Schaller, Reckoning With Reagan: American and Its President in the 1980s (New York and Oxford: Oxford University Press, 1992), 44–7.
Ronald Reagan, The Reagan Diaries, D. Brinkley (ed.), (New York, 2007), Thursday 26 February 1981, 5.
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© 2012 James Cooper
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Cooper, J. (2012). Second Term Cuts and Policy Transfer. In: Margaret Thatcher and Ronald Reagan. Palgrave Macmillan, London. https://doi.org/10.1057/9781137283665_5
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DOI: https://doi.org/10.1057/9781137283665_5
Publisher Name: Palgrave Macmillan, London
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