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Keynesian policies are generally pursued by socialist governments and monetarist policies by capitalist governments. To compare and contrast the two different methods of controlling the economy we must look back to the labour government of the seventies which pursued Keynesian policies of high personal taxation, high government spending, Stamp duty, National Insurance, frozen income tax allowances, unfettered union powers, and government intervention e.g. their belief that huge privatised government monopolies were the way forward. This eventually led to the countries economy being destroyed due to the development of a huge black hole in the economy i.e. a huge difference between what the country was making and what it was spending. Inflation outstripped wage rises and the resulting union led strikes brought the country to a standstill culminating in the winter of discontent where in this country even the rubbish wasn't collected and the dead buried. It would appear that extreme...

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