THE EDUCATION OF THE TREASURY: THE MEDIUMTERM FINANCIAL STRATEGY 1980–84

The first Thatcher government introduced an innovatory macro-economic plan – the medium-term financial strategy (MTFs) – in March 1980. It was the most notable example of how the Government sought to change the direction of post-war policy. This article traces the origins and formulation of the strategy, noting that it was Treasury-imposed, and monetarist in orientation. During its implementation however it was substantially modified. The phrase 'pragmatism and continuity' best describes this process. Aspects of macro-economic policy are introduced to develop this theme. There is clear evidence that the Treasury was 'educated' by the problems encountered: the objectives of the MTFS were not uniquely achievable simply because they were deliberately limited in scope. Nevertheless, the strategy has survived as a policy framework and freed from its monetarist dogma remains a useful means of co-ordinating objectives.     

Regulation and Human Rights in Socio-Legal Scholarship

This article sets the scene for a special issue of Law & Policy that brings together the themes of rights and regulation. The articles explore a number of settings where rapid changes in political commitments and economic systems, often stimulated by international developments, place pressures on rights regimes. The articles deploy a variety of methods to draw out differences in both focus and approach in the understanding of rights, when compared with regulation. This introductory article provides a more detailed analysis of these differences in approach, and is suggestive of ways in which they may complement each other. We argue that the articles collectively demonstrate the added valued in juxtaposing rights with regulation. They are suggestive not only of a richer understanding of the impact on rights of broad changes in regulatory frameworks, but more particularly argue for the importance of understanding how processes of institutionalization can underpin or undermine rights regimes, and that regulatory measures may form a key aspect of such institutionalization.     

POLICY DIFFERENCES WITHIN THE UNITED KINGDOM: THE CASE OF HOUSING POLICY IN NORTHERN IRELAND 1979–89

This article examines, through a case study of housing, the extent to which national housing policies under the Thatcher government were modified or deflected at the N. Ireland regional level. Three aspects of housing policy - housing expenditure, public sector rents and the 'right-to-buy' legislation are considered and the roles of key actors within the territorial community described. Although similarities with GB housing policy emerge, there is evidence of a distinctive regional approach. Factors which influenced a N. Ireland-specific policy approach are considered and the potential for variance in the future outlined.     

Ideas and Coordination in Policymaking: The Financial Crisis of 2007–2009

Policy change occurs because coalitions of actors are able to take advantage of political conditions to translate their strong beliefs about policy into ideas, which are turned into policy. A coalition's ability to define a problem helps to keep policies in place, but it can also cause coalitions to develop blind spots. For example, policy subsystem actors will often neglect the need for coordination between governmental actors. We examine the financial crisis of 2007–2009 to show how entrenched policy ideas can cause subsystem actors to overlook the need for policy coordination. We first analyze the prevalent idea that policymakers should aim to keep inflation low and stable while employing light touch regulation to financial markets. We then demonstrate how this philosophy led to a lack of coordination between monetary and regulatory policy in the subprime mortgage market. We conclude with thoughts about the need for coordination in future economic policy.