Bill Mitchell on the British IMF Loan of 1976

Bill Mitchell has two posts here examining the background to the UK’s government IMF loan of 1976:

Bill Mitchell, “Case Study – British IMF loan 1976 – Part 1,” Billy Blog, June 7, 2013.

Bill Mitchell, “Case Study – British IMF loan 1976 – Part 2,” Billy Blog, June 14, 2013.

His series of posts is not yet complete, however.

As Mitchell notes, this was the “defining moment in the struggle between the existing Keynesian macroeconomic orthodoxy and the emerging Monetarist rival.”

But it is misunderstood and there are myths about it. Required reading.