From doves to hawks: A spatial analysis of voting in the Monetary Policy Committee of the Bank of England

This article examines the making of monetary policy in the United Kingdom between 1997 and 2008 by analysing voting behaviour in the Bank of England's Monetary Policy Committee (MPC). It provides a new set of measures for the monetary policy preferences of individual MPC members by estimating a Bayesian item response model. The article demonstrates the usefulness of these measures by comparing the ideal points of outgoing MPC members with their successors and by looking at changes over time in the median ideal point on the MPC. The analysis indicates that the British Government has been able to move the position of the median voter on the MPC through its appointments to the Committee. This highlights the importance of central bank appointments for monetary policy.     

John Macmurray and the'Forgotten'Lessons on Capitalism and Community

Tony Blair has made no secret of his admiration for the philosophical works of John Macmurray. This article shows that Blair recognises Macmurray's contribution to the understanding of the individual in society. Blair readily acknowledges Macmurray's overriding desire for philosophy to place individuals in their rightful social setting. Yet Blair views this philosophical shift as a reinforcement of modern notions of community that emphasise an obligation to others as well as to oneself. It is my contention that this may be a misreading of the specifics that lay behind the works of Macmurray. By implication, this error in understanding could have led New Labour to pursue a social policy direction that contradicts Macmurray's visions of capitalism and its effects upon human agency, behaviour, rationality and morality. Consequently, this article examines the works of Macmurray in an attempt to show that Tony Blair and New Labour are in danger of making false assumptions on how to revive a contemporary sense of community through the bedrock of a traditional family unit supported by the model of the 'rational economic man'.