In a major shift in Canadian economic policy in 1975, the Bank of Canada announced its adherence to the principle of restricting the growth in the country's money supply in an effort to restrain inflation.
The authors argue that this adoption of monetarist policies failed in Canada because it did not lend itself to dealing with the structural aspects of inflation and because, along with other policies, it did not alleviate the growing balance of payments deficit.
First published in 1979, The Monetarist Counter-Revolution is an early and acute criticism of monetarist economic policies as applied in Canada.
About the authors
ARTHUR DONNER, once an economist with the Bank of Nova Scotia is now a widely-known economic consultant specializing in financial markets.
DOUGLAS PETERS has worked as vice-president and chief economist for the Toronto-Dominion Bank. He is a past member of the executive council of the Canadian Economic Association and was a founder and first president of the Toronto Association of Business Economists.