Book contents
- Frontmatter
- Contents
- General Introduction
- Editorial Foreword
- Preface
- Introduction to New Edition
- Notes on Further Reading
- Corrections to this Edition
- I THE TREATY OF PEACE
- II INFLATION AND DEFLATION
- III THE RETURN TO THE GOLD STANDARD
- 1 AURI SACRA FAMES (1930)
- 2 ALTERNATIVE AIMS IN MONETARY POLICY (1923)
- 3 POSITIVE SUGGESTIONS FOR THE FUTURE REGULATION OF MONEY (1923)
- 4 THE SPEECHES OF THE BANK CHAIRMEN (1924,1925, 1927)
- 5 THE ECONOMIC CONSEQUENCES OF MR CHURCHILL (1925)
- 6 MITIGATION BY TARIFF (1931)
- 7 THE END OF THE GOLD STANDARD (27 SEPTEMBER 1931)
- IV POLITICS
- V THE FUTURE
- VI LATER ESSAYS
- Index
5 - THE ECONOMIC CONSEQUENCES OF MR CHURCHILL (1925)
from III - THE RETURN TO THE GOLD STANDARD
Published online by Cambridge University Press: 05 November 2012
- Frontmatter
- Contents
- General Introduction
- Editorial Foreword
- Preface
- Introduction to New Edition
- Notes on Further Reading
- Corrections to this Edition
- I THE TREATY OF PEACE
- II INFLATION AND DEFLATION
- III THE RETURN TO THE GOLD STANDARD
- 1 AURI SACRA FAMES (1930)
- 2 ALTERNATIVE AIMS IN MONETARY POLICY (1923)
- 3 POSITIVE SUGGESTIONS FOR THE FUTURE REGULATION OF MONEY (1923)
- 4 THE SPEECHES OF THE BANK CHAIRMEN (1924,1925, 1927)
- 5 THE ECONOMIC CONSEQUENCES OF MR CHURCHILL (1925)
- 6 MITIGATION BY TARIFF (1931)
- 7 THE END OF THE GOLD STANDARD (27 SEPTEMBER 1931)
- IV POLITICS
- V THE FUTURE
- VI LATER ESSAYS
- Index
Summary
The Economic Consequences of Mr Churchill originated as a series of three articles on England's return to the gold standard which appeared in the Evening Standard, 22, 23 and 24 July 1925, under the heading ‘Unemployment and Monetary Policy’. Keynes expanded these into the pamphlet which was published the same month by the Hogarth Press of Leonard and Virginia Woolf, chapters I, III and V corresponding to the Evening Standard articles. In the United States the pamphlet was published as The Economic Consequences of Sterling Parity. For Essays in Persuasion Keynes condensed the material of the whole pamphlet.
WHY UNEMPLOYMENT IS WORSE
World trade and home consumption are both moderately good—running on a level keel, midway between slump and boom. The United States has had a year of abundant prosperity; India and the Dominions are doing fairly well; in France and Italy unemployment is non-existent or negligible; and in Germany during the last six months the numbers receiving the dole have decreased rapidly, by more than half, to 4–5 per cent against our 10 per cent. The aggregate of world production is probably greater than at any time since 1914. Therefore our troubles are not due either to world-wide depression or to reduced consumption at home. And it is obvious what does cause them. It is a question of relative price here and abroad. The prices of our exports in the international market are too high. About this there is no difference of opinion.
- Type
- Chapter
- Information
- The Collected Writings of John Maynard Keynes , pp. 207 - 230Publisher: Royal Economic SocietyPrint publication year: 1978
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