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Institute of Economic Affairs

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Institute of Economic Affairs
AbbreviationIEA
Formation1955
TypeFree Market Think Tank
HeadquartersLondon, United Kingdom
Director General
Mark Littlewood
Websitewww.iea.org.uk

The Institute of Economic Affairs (IEA) is a think tank based in Westminster, London, United Kingdom. Founded in 1955,[1] it promotes free market economics.[2]

History

In 1945, Antony Fisher read a summary of The Road to Serfdom by Friedrich Hayek.[3] Later that year, Fisher visited Hayek at the London School of Economics.[3] Hayek dissuaded Fisher from embarking on a political and parliamentary career to try to prevent the spread of socialism and central planning.[3] Instead, Hayek suggested the establishment of a body which could engage in research and reach the intellectuals with reasoned argument.[3]

In June 1955, The Free Convertibility of Sterling by George Winder was published, with Fisher signing the foreword as Director of the IEA.[3] In November 1955, the IEA’s Original Trust Deed was signed by Fisher, John Harding and Oliver Smedley.[3] Ralph Harris (later Lord Harris) began work as part-time General Director in January 1957.[3] He was joined in 1958 by Arthur Seldon who was initially appointed Editorial Advisor and became the Editorial Director in 1959.[3]

The Social Affairs Unit was established in December 1980 as an offshoot of the Institute of Economic Affairs in order to carry the IEA's economic ideas onto the battleground of sociology.[4] "Within a few years the Social Affairs Unit became independent from the IEA, acquiring its own premises."[4] In 1986 the IEA created a Health and Welfare Unit to focus on these aspects of social policy.[3][4]

In 2007, Andrew Marr called the Institute "undoubtedly the most influential think tank in modern British history".[5]

In October 2009, the IEA appointed Mark Littlewood as its Director General with effect from 1 December 2009.[1]

Publications

Arthur Seldon proposed a series of Papers for economists to explore the market approach to the issues of the day.[3] Eventually these emerged as the Hobart Papers; 154 had been published by August 2006. In addition, 32 Hobart Paperbacks had been released along with 139 Occasional Papers, 61 Readings and 61 Research Monographs.[3] A large number of other titles has been published in association with trade and university presses.[3]

The Journal of Economic Affairs was first published in October 1980 and continues to be published to the present day. IEA publications are sold throughout the world – reprinted and translated into over twenty-five languages. In the UK, many IEA titles have become mandatory in university and classroom reading lists.[2]

IEA papers are arranged in a series of titles, each with its own 'brand image'. The main series of publications is complemented by the Institute's quarterly journal Economic Affairs.

In September 2008, the Institute started the IEA blog.

Research

The Institute's research activities are aided by an international Academic Advisory Council and a panel of Honorary Fellows. All IEA papers are subjected to the same rigorous independent blind-refereeing process that is used by leading academic journals. The views expressed in IEA papers are those of the authors and not of the Institute (which has no corporate view), its trustees, directors or advisers

The IEA has also published research in areas such as business ethics, economic development, education, pensions, regulation, taxation and transport.

Books and papers

  • The Road to Serfdom, F. A. Hayek (1945) PDF The condensed version of as it appeared in the April 1945 edition of Reader’s Digest ISBN 0 255 36530 6
  • Climate Alarmism Reconsidered, Robert L. Bradley jr (2003) ISBN 0255365411 [6]
  • WHO, What and Why? Transnational Government, Legitimacy and the World Health Organization Roger Scruton ISBN 0 255 36487 3
  • The World Turned Rightside Up A New Trading Agenda for the Age of Globalisation, John C. Hulsman ISBN 0 255 36495 4
  • The Representation of Business in English Literature, Introduced and edited by Arthur Pollard Readings 53; ISBN 0 255 36491 1
  • Anti-Liberalism 2000 The Rise of New Millennium Collectivism, David Henderson ISBN 0 255 36497 0
  • Capitalism, Morality and Markets,Brian Griffiths, Robert A. Sirico, Norman Barry & Frank Field Readings 54; ISBN 0 255 36496 2
  • A Conversation with Harris and Seldon, Ralph Harris & Arthur Seldon Occasional Paper 116; ISBN 0 255 36498 9
  • Malaria and the DDT Story, Richard Tren & Roger Bate Occasional Paper 117; ISBN 0 255 36499 7
  • A Plea to Economists Who Favour Liberty: Assist the Everyman, Daniel B. Klein Occasional Paper 118; ISBN 0 255 36501 2
  • Waging the War of Ideas, John Blundell Occasional Paper 119; ISBN 0 255 36500 4
  • A Tribute to Peter Bauer, John Blundell et al. Occasional Paper 128; ISBN 0 255 36531 4
  • Employment Tribunals Their Growth and the Case for Radical Reform, J. R. Shackleton Hobart Paper 145; ISBN 0 255 36515 2
  • Fifty Economic Fallacies Exposed, Geoffrey E. Wood Occasional Paper 129; ISBN 0 255 36518 7
  • A Market in Airport Slots,Keith Boyfield (editor), David Starkie, Tom Bass & Barry Humphreys Readings 56; ISBN 0 255 36505 5
  • Money, Inflation and the Constitutional Position of the Central Bank, Milton Friedman & Charles A. E. Goodhart Readings 57; ISBN 0 255 36538 1
  • Railway.com Parallels between the early British railways and the ICT revolution,Robert C. B. Miller Research Monograph 57; ISBN 0 255 36534 9
  • The Regulation of Financial Markets,Edited by Philip Booth & David Currie Readings 58; ISBN 0 255 36551 9
  • Bastiat’s The Law, Introduction by Norman Barry Occasional Paper 123; ISBN 0 255 36509 8
  • A Globalist Manifesto for Public Policy, Charles Calomiris Occasional Paper 124; ISBN 0 255 36525 X
  • Euthanasia for Death Duties Putting Inheritance Tax Out of Its Misery, Barry Bracewell-Milnes ISBN 0 255 36513 6
  • The Road to Economic Freedom', Philip Booth and John Meadowcroft, (2009) collection of IEA papers written by Nobel Laureates, foreword by Margaret Thatcher. [7]

Awards

Twelve economists engaged in the IEA's work have gone on to win the Nobel Memorial Prize in Economics: Gary Becker, James M. Buchanan, Ronald Coase, Milton Friedman, Friedrich Hayek, John Hicks, James Meade, Douglass C. North, Elinor Ostrom, Vernon L. Smith, George Stigler and Oliver E. Williamson. The condensed version of Hayek's The Road to Serfdom has been republished by the IEA, while the work of Nobel Prize Winners is reprinted in The Road to Economic Freedom with a foreword by Margaret Thatcher. The IEA has also published research in areas such as business ethics, economic development, education, pensions, regulation, taxation and transport.

Events

The IEA holds a range of events throughout the year at its 2 Lord North Street headquarters, from book launches and debates to conferences and lectures (including the Annual Hayek Lecture), Working Lunches and Political Economy Suppers.[8] The 20th Annual Hayek Lecture was delivered on 5 July 2011 by Robert Barro of Harvard University.[9]

IEA's Shadow Monetary Policy Committee (SMPC) was established in July 1997. The SMPC has met on a monthly basis since then. The decisions and minutes of the SMPC are published a few days before the Bank of England’s own interest rate decision each month.[10]

Funding

The IEA is a registered educational and research charity.[11] The organisation states that it is entirely funded by "voluntary donations from individuals, companies and foundations who want to support its work, plus income from book sales and conferences."[2] It is "independent of any political party or group.".[2] The IEA has written policy papers arguing against government funding for pressure groups and charities involved in political campaigning [12]

The organisation does not formally disclose their sources of funding, but have been funded by tobacco companies including British American Tobacco, Philip Morris and Japan Tobacco International since 1963. The Guardian disagreed with their funding.[13] Of known funding from the tobacco industry, British American Tobacco have confirmed donations totalling £11,000 in 2011 and £20,000 in 2012.[14] Other tobacco companies have confirmed their donations, but refused requests for further details.[15] In 2002 a leaked letter revealed that a prominent member of the IEA, Roger Scruton received payments of £54,000 p.a. from Japan Tobacco, and he asked for increased payment in exchange for publishing further articles in the media attacking measures to reduce tobacco use. In response the IEA stated that they would change their policies to avoid a recurrence of such a conflict of interest.[16] Journalist George Monbiot reported that an organisation called 'American Friends of the IEA received $215,000 from two secretive funds as of 2010 - the US-based Donors Trust and Donors Capital Fund; anonymous trusts which support libertarian causes. The IEA later confirmed that the sole purpose of the organisation is to receive donation to the London-based IEA.[17]

Think tank Transparify, which is funded by left-wing activist billionaire George Soros, ranked the IEA as one of the three least transparent think tanks in the UK in relation to funding.[18]

Notable people

Honorary Fellows

Personnel and fellows

Directors-General

See also

References

  1. ^ a b Robert Walmsley, Interview: Mark Littlewood, Cherwell, 26 January 2014
  2. ^ a b c d "about the IEA". Institute of Economic Affairs. Retrieved 2009-10-29.
  3. ^ a b c d e f g h i j k l IEA: Chronology
  4. ^ a b c Muller, Christopher (1996). "The Institute of Economic Affairs: Undermining the Post-War Consensus". Contemporary British History. 10 (1): 88–110 [p. 102]. doi:10.1080/13619469608581370.
  5. ^ Andrew Marr BBC 2007 A History of Modern Britain
  6. ^ "Climate Alarmism Reconsidered" (PDF). IEA. Retrieved 18 March 2015.
  7. ^ "The Road to Economic Freedom". IEA. Retrieved 18 March 2015.
  8. ^ IEA: Events
  9. ^ IEA: Annual IEA Hayek Memorial Lecture
  10. ^ < IEA Shadow Monetary Policy Committee
  11. ^ "The Institute of Economic Affairs Limited, registered charity no. 235351". Charity Commission for England and Wales.
  12. ^ Snowden, Christopher. "Sock Puppets: How the government lobbies itself and why". IEA Discussion Paper 39. Retrieved 17 March 2015.
  13. ^ http://www.guardian.co.uk/commentisfree/2013/jul/15/cigarette-packaging-corporate-smokescreen-liberty
  14. ^ http://www.bat.com/group/sites/uk__9d9kcy.nsf/vwPagesWebLive/DO9DLM9T/$FILE/medMD9FZEZJ.pdf?openelement
  15. ^ http://www.theguardian.com/society/2013/jun/01/thinktanks-big-tobacco-funds-smoking
  16. ^ http://www.guardian.co.uk/media/2002/jan/24/advertising.tobaccoadvertising
  17. ^ http://www.guardian.co.uk/commentisfree/2013/feb/18/charities-pr-rightwing-ultra-rich
  18. ^ Sarah Neville, British think-tanks ‘less transparent about sources of funding’, Financial Times, February 17, 2015

Further reading

  • Bosanquet, Nick (1983). Economics: After the New Right. Boston: Kluwer-Nijhoff. pp. 79–87. ISBN 0-89838-135-5.
  • Cockett, Richard (1995). Thinking the unthinkable: think-tanks and the economic counter-revolution, 1931–1983. Fontana Press. ISBN 0-00-637586-3.
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