But Keynesianism involved continued fiscal expansion, with no offsetting monetary contraction. By the 1970’s, it had brought to the United Kingdom large and ultimately unsustainable current-account deficits, high levels of inflation, and then political gridlock over what to do.
然而，凯恩斯主义搞的是持续不断的财政扩张，却不用货币紧缩来抵消它的副作用。到了20世纪70年代，这一套办法终于给英国带来种种苦果：国际收支经常项目下不可持续的巨额赤字、高涨的通货膨胀水平以及在当务之急问题上的政治死结。哪个社会群体该为全民利益第一个作出牺牲？