For much of the last century and for the beginning of this one, centre-right parties generally argued for a smaller state, lower taxes, balanced budgets, hard currency, and incentive-sharpening market reforms that would spur risk-taking, support business creation, boost economic growth and productivity leading to higher real wages.

In the wake of the 2008 Financial crisis and the 2020 Covid pandemic, the reach of Government has dramatically expanded sometimes with the active consent, sometimes with the facilitation, of centre-right parties. The big run up in Government debt has been justified by monetary theory that says that debt doesn’t matter so long as a country can issue Bonds in its own currency.

Is there a method of monetary creation that can fund a never-ending expansion of Government without adverse consequences? If so, are the traditional nostrums of the centre-right obsolete? Is there still a constituency for free market economics? Is it time go populist?