The financial crisis that began in 2008 has put the role of central government back at the centre of economic policy – and into the heart of the debate over how to run an economy. Before the global recession there had been a growing consensus among politicians on both sides of the political divide that the government should not interfere in the running of the economy. Many policymakers have argued that governments only distort the smooth operating of the economic system. Before considering the arguments for and against the greater role of government, it is worth thinking about what it does.
Just another economic actor – but a big one
The government ...
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