Stagflation undermined support for Keynesian consensus.

The Keynesian consensus among economists, he said - one that had worked well from the 1930s - could not explain the stagflation of the 1970s.

So prominent was Friedman in overturning the Keynesian consensus that the efforts to do so are sometimes referred to as "Milton Friedman's counter revolution."

Joseph had developed an intellectual critique of the reigning postwar and Keynesian consensus and criticized the "consensus politics" that continued to promote it.

The Keynesian consensus, built on an expanding economy in which private profit could be balanced with social need, has now been destroyed by recession and economic decline.

Between the 1930s and 1970s, fiscal policy was characterized by the Keynesian consensus, a time during which modern American liberalism dominated economic policy virtually unchallenged.

In practice however, Labour had difficulty managing the economy under the "Keynesian consensus" and the international markets instinctively mistrusted the party.

The Conservative government of 1979 represented a break with the post-war Keynesian consensus in economic management.

"He was advocating policies contrary to the Keynesian consensus of the time."

This produced a "policy bind" and the collapse of the Keynesian consensus on the economy.