Book contents
- Keynes in Action
- Keynes in Action
- Copyright page
- Dedication
- Contents
- Acknowledgements
- Introduction
- 1 What Really Happened at Paris? Keynes and Dulles
- 2 What Really Happened at Paris? The War Guilt Clause
- 3 ‘You Are Very Famous, Maynard’
- 4 The Truth About Lloyd George
- 5 Yielding to Ramsey
- 6 Yielding to Realities
- 7 Truths between Friends
- 8 Truths between Friends
- 9 The Road to Bretton Woods
- Conclusion
- Bibliography
- Biographical Works on Keynes
- Index
6 - Yielding to Realities
Golden Rules?
Published online by Cambridge University Press: 04 November 2022
- Keynes in Action
- Keynes in Action
- Copyright page
- Dedication
- Contents
- Acknowledgements
- Introduction
- 1 What Really Happened at Paris? Keynes and Dulles
- 2 What Really Happened at Paris? The War Guilt Clause
- 3 ‘You Are Very Famous, Maynard’
- 4 The Truth About Lloyd George
- 5 Yielding to Ramsey
- 6 Yielding to Realities
- 7 Truths between Friends
- 8 Truths between Friends
- 9 The Road to Bretton Woods
- Conclusion
- Bibliography
- Biographical Works on Keynes
- Index
Summary
By extension of the changing perspectives explored in Chapter 5, in Chapter 6 there follows an exploration of how far Keynes likewise yielded, in his economic thinking in the 1920s, to the realities of a new economic order, challenging his former attachment to the gold standard. The argument here is that the crucial attraction of the gold standard was its rule-bound rationale; yet Keynes, under the impact of events, became disillusioned with a set of rules that now seemed to him less benign in the post-war world. At one level, he criticised the newly powerful United States for failing to exercise its hegemonic influence in the benign manner he had once imputed to British hegemony. At another level, he became sceptical of rules that only debtor countries had to observe, with adverse deflationary effects worldwide.
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- Information
- Keynes in ActionTruth and Expediency in Public Policy, pp. 137 - 157Publisher: Cambridge University PressPrint publication year: 2022