NeoliberalismMonetarism Monetarism is the economic school of thought associated with Milton Friedman, which rose to dominance as a counter to Keynesian economics. It posits that inflation is always a monetary phenomenon and that the government’s role should be limited to managing the currency rather than stimulating demand. Key Mechanisms: Inflation Targeting: Using interest rates to keep inflation low, even if high interest rates cause recession or unemployment. Fiscal Restraint: Opposing government deficit spending to boost the economy during downturns. Critical Perspective:Critics argue that monetarism breaks the post-war social contract. By prioritizing “sound money” and low inflation above all else, monetarist policies often induce deliberately high unemployment to discipline the labor force and suppress wages. It represents a technical solution to political problems, removing economic policy from democratic accountability. in Britain has shaped the political, economic and social fabric of the nation in its entirety for almost half a century. As a cluster of ideological positions which evolved from the interwar years onwards, it existed as a fringe doctrine. Britain’s current economic and political chaos suggests that the ideology has finally reached its point of collapse, just as the UK’s new prime minister, Liz Truss has endorsed it in ever more radical and extreme ways. This podcast reflects upon N