Institute of Economic Affairs
Neoliberal think-tank / From Wikipedia, the free encyclopedia
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The Institute of Economic Affairs (IEA) is a right-wing, free market think tank[7] registered as a UK charity.[8] Associated with the New Right,[5][6] the IEA describes itself as an "educational research institute"[9] and says that it seeks to "further the dissemination of free-market thinking" by "analysing and expounding the role of markets in solving economic and social problems".[9][10] The IEA is the oldest free market think-tank in the UK [11] and was established to promote free-market responses to economic challenges by targeting influential academics and journalists, as well as students, in order to propagate these ideas widely.[12] Adopting as its credo FA Hayek's view that "yesterday's dissent becomes today's consensus,"[13] the IEA says that it prioritises producing work with a focus on economic insights over partisan politics.[12]
Abbreviation | IEA |
---|---|
Formation | 1955; 69 years ago (1955) |
Type | Free market think tank |
Headquarters | London, United Kingdom |
Executive Director | Tom Clougherty |
Funding | partially disclosed, including Jersey Finance and the John Templeton Foundation, some minor funding from fossil fuel industry, gambling industry, and tobacco industry |
Website | iea.org.uk |
The IEA subscribes to a neoliberal world view and advocates positions based on this ideology.[14] It published its first pamphlet in 1955 making the case for the free convertibility of the pound.[15] It published climate change denial material between 1994 and 2007,[16] and has advocated for more patient-centric universal healthcare through privatisation of elements of, and abolition of complete government control of, the National Health Service (NHS),[17] in favour of a healthcare system with market mechanisms.[18][4] It has also published research on alleviating the housing crisis.[19] It has received more than £70,000 from the tobacco industry[20][21] (although it does not reveal its funders),[22][23] and a former IEA officer was recorded offering a prospective supporter introductions to policy makers. The IEA is headquartered in Westminster, London, England.[24][16]
Founded by businessman and battery farming pioneer Antony Fisher in 1955,[25] the IEA was one of the first modern think tanks,[26] and promoted Thatcherite right-wing ideology, and free market and monetarist economic policies.[27] The IEA has been criticised for operating in a manner closer to that of a lobbying operation than as a genuine think tank.[28] The IEA publishes a journal (Economic Affairs), a student magazine (EA), books and discussion papers, and holds regular lectures.[29]