On Trussonomics.

 

[Patreon Exclusive]

 

Having stumbled upon a successful recipe under Boris Johnson which would see greater state intervention, Britain's Tories then pivoted to a much more pro-market approach. But the markets haven't liked it – they've hated it.

 

What does this say about neoliberalism and what the new orthodoxy is? Why did markets react so badly against a budget that featured things they normally like, such as lower rates of corporate taxes? And does this mean the market's authority has been restored, but under a new guise?

Readings:

Liz Truss’s Britain Is a Morbid Symptom of the World’s New Era, Adam Tooze, Foreign Policy

The markets are wrong about ‘Trussonomics’ just like they were about Brexit, Julian Jessop, Telegraph

What is Kwasi Kwarteng really up to? One answer: this is a reckless gamble to shrink the state, Adam Tooze, Guardian

Britain's Tory Meltdown Is a Case of Socially Determined Stupidity, David Jamieson, Jacobin

The economic consequences of Liz Truss, Martin Wolf, FT