Meaning of fiscalism | Babel Free

Definitions

1. The idea that taxation should form a central part of a government's economic policy.
   uncountable
2. Excessive, oppressive taxation.
   broadly, uncountable
3. The belief that fiscal policy should function as the primary macroeconomic stabiliser (e.g. for controlling inflation), often associated with the IS–LM model.
   uncountable

Equivalents

Examples

“Fiscalism is a necessary consequence of the historical development of the system of taxation.”

“What is more, the advantage of this sort⟳ of fiscalism is that government is enabled to divert the wealth of the rich from private luxury consumption to the benefit of the commonwealth and at the same time to re-distribute it more evenly.”

“Among the institutions established according to fiscalism during the eighteenth century, we need⟳ to mention⟳ the life-term tax farming system (malikane sistemi), which had an impact on the entire economy, including industry.”

“Fiscalism was a first attempt⟳ at rationalizing a system of tax levying that would display more efficiency than it used to.”

“Hereby it will become⟳ clear how Keynesianism, a doctrine appealing to the monetary theorist JOHN MAYNARD KEYNES, soon converted into fiscalism, a position ascribing stronger effects to fiscal than monetary policy – and, in the extreme, denying the latter all real and nominal effects.”

“1993, D. M. Mithani, Dynamics of Monetary-Fiscal Policy: An Indian Perspective, Himalaya Publishing House, page 28. The doctrine of fiscalism, in essence, implies that money doesn not matter⟳ so much as the monetarists make⟳ it out. The fiscalists hold⟳ that monetary policy is important, but its potency is weakened by the institutional forces. To them, fiscal policy is, by and large, a more effective and powerful economic stabilisation device.”

“With a relatively inelastic IS curve and a relatively elastic LM curve Keynesianism became synonymous with 'fiscalism' and policies to fine tune⟳ the macroeconomy.”

“Despite this view⟳ of the importance (or lack of it) of fiscal policy for full employment it is also important to note⟳ that 'fiscalism' did become⟳ deeply entrenched in Britain in this period. Budgetary policy became the centre piece of macro-economic policy to an extent to which no other country can compare⟳ (Dow 1964, p.178).”

“Minsky's work⟳ factored in the transformation away from fiscalism that characterised the “long 1970s” and contributed to the development of "Post-Keynesian" economics, an intellectual program⟳ dedicated to revolutionising macro-economics in a way that was true to the spirit of Keynes eschewing the Neo-clasical synthesis inherent to the IS/LM models that formed the basis of fiscalism.”

CEFR level