The Elgar Companion to John Maynard Keynes
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The Elgar Companion to John Maynard Keynes

Edited by Robert W. Dimand and Harald Hagemann

The most influential and controversial economist of the twentieth century, John Maynard Keynes was the leading founder of modern macroeconomics, and was also an important historical figure as a critic of the Versailles Peace Treaty after World War I and an architect of the Bretton Woods international monetary system after World War II. This comprehensive Companion elucidates his contributions, his significance, his historical context and his continuing legacy.
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Chapter 7: Keynes and British financial policy in the inter-war period

Donald Moggridge


During 1919–39 Keynes may have been “an outlaw from British official circles” but he nonetheless was often consulted by officials and, more often, made public recommendations for domestic and international economic policy. As this chapter shows, these activities included his advocacy of “dear money” to counter post-war inflation 1919–20; many “Keynes plans” for reform of the international monetary system put forward in A Tract on Monetary Reform, the applied volume of A Treatise on Money and elsewhere; his well-known advice to Chancellor of the Exchequer Winston Churchill not to return Britain to the gold standard at pre-war parity in April 1925; his memberships of the Committee on Finance and Industry 1929–31 and of the Economic Advisory Council from 1930; the proposals of The Means to Prosperity in 1933 and “How to pay for a slump” in 1937; and, finally, in 1939 preparations for financing a war.

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