By A. Rayman

Quantity II proposes radical reform (1) of the accounting process – to convey company administration less than the keep watch over of industry forces; and (2) of the tax method – to let the economic climate to develop to its complete strength and to set up an automated mechanism for expense balance with none arbitrary intervention.

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Some economic activity would thereby be attracted away from prosperous areas of relative overheating into depressed areas of relative underemployment. It would be left to the regions themselves to determine the nature of that activity. By contrast, the single-gear approach has little to offer other than government intervention, either by direct government spending or by government backing of particular projects. Application of the Law of Circulation on a regional basis is likely to enhance the operation of the Law of Competition.

Secondly, by eliminating distortion caused by differences in the level of activity, it helps to ensure that resources move only in accordance with the principle of comparative advantage. Since multi-gear policy involves regional variations, it raises important issues of geographical demarcation and economic sovereignty. Economic Regions and Economic Sovereignty In principle, the definition of an ideal “economic region” is easy. It is the geographical area within which the mobility of economic resources is both feasible and desirable.

The Monetary Policy Committee of the Bank of England Following the election victory of New Labour in May 1997, the first act of the Chancellor was to divest himself of responsibility for setting interest rates. That was the Good News. The Bad News was that this responsibility for rigging the market was handed over to a Monetary Policy Committee of the Bank of England. The Even Worse News was still to come. The damage caused to British industry, investment, and international competitiveness by higher rates of interest “than-would-otherwise-bedesirable” (to borrow the Friedmanite euphemism) was, at one time, used as an argument for joining the European single currency.

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