Dr Eamonn Butler argues that the crisis was not caused by a "failure of capitalism" and points out that market economies will flourish if politicians and regulators act responsibly.
This briefing, published in advance of the Chancellor's 2008 pre-budget report, calls for the personal income tax allowance to be raised from £6,035 to £12,000 for all UK taxpayers. This would take 7 million people out of paying income tax altogether, and ensure no one earning the minimum wage or less would pay income tax at all. It would be equivalent to giving the average worker an extra £1730 per year in gross pay, making them £100 per month better off. This policy could be implemented at a cost of £18.9bn to the Exchequer – a sum which should not require increased government borrowing.
In this think piece ASI policy director Tom Clougherty outlines his reaction to the Chancellor's pre-budget report of November 2008, arguing that Alistair Darling's so-called 'stimulus package' is really a manifesto for wasteful spending, record levels of government borrowing and public debt, and higher taxes in the long term. He argues Darling should instead have announced a substantial rise in the personal allowance balanced by public spending restraint.
In a briefing paper the ASI's regulation fellow Tim Ambler examines the populist demands for financial stability and security though increased regulation. The question the paper poses is whether existing regulation mitigated the 2008 financial crisis, had no impact, or exacerbated it. Answering this question is the key to deciding how we respond to the crisis. The paper's main conclusion is that improving regulation will not provide more than modest help in future. The important thing is that the Bank of England, the FSA and the credit agencies do the jobs they are supposed to do more effectively.
In this think piece, Tom Clougherty outlines the key ways the free market can be promoted in 2009: offer a compelling narrative that runs counter to 'common wisdom'; oppose Keynesianism and the idea that government can stimulate the economy; expose the government interventions and failures that contributed to the financial crisis; advocate policies to raise productivity and economic competitiveness; and educate people about theories and ideas of the great free-market thinkers, particularly those of the Austrian School.
Dr Madsen Pirie on what the next government should do.
In this think piece, Dr Eamonn Butler considers the economic downturn and the government's response to it. He unpacks the reality of quantative easing for what it is, namely printing money.
In this think piece, Mark Skousen considers Marxist, Keynesian and Smithian economics.
Dr Eamonn Butler explores how the long arm of the law is stretching too far in to our lives. He believes that Britain has casually slipped in to a police state in which anybody can be stopped and searched for no good reason.