Traditions of Populism

This paper argues that the notion of a ‘Keynesian revolution’ in economic policy in twentieth-century Britain as commonly presented in the literature is misleading. The conception of such a revolution is dependent on implausible notions of how economic policy is made, above all on an exaggeration of the role of economic theory. It is contended that such a stress on the theory allegedly adhered to by policy makers is complicit with some common socialist arguments on the role of ‘ideology’ in policy making, and that this leads to an inadequate analysis of the constraints facing socialist economic policy.