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September/October 2009, Part 2, 
Vol. 91, No. 5
Posted 2009-10-21

Milton Friedman and U.K. Economic Policy: 1938-1979

by Edward Nelson

Milton Friedman’s publications and commentaries became the subject of enormous publicity and scrutiny in the United Kingdom. This paper analyzes the interaction of Milton Friedman and U.K. economic policy from 1938 to 1979. The period under study is separated into four subperiods: 1938-46, 1946-59, 1959-70, and 1970-79. For each of these subperiods, the author considers Friedman’s observations on, and role in, key developments in U.K. monetary policy and in general U.K. economic policy.