¹ Keynes, John Maynard, Nation and Athenaeum (1 Dec. 1923).Google Scholar

² See, for example, Balogh, Thomas, “Keynes and the International Monetary Fund,” in Keynes and International Monetary Relations, ed. Thirlwall, A. P. (London, 1976), pp. 68–89;Google ScholarRobbins, Lionel, Autobiography of an Economist (London, 1971), p. 156;CrossRefGoogle ScholarCrotty, James R., “On Keynes and Capital Flight,” Journal of Economic Literature, 21 (03 1983), 59–65.Google Scholar

³ To many readers, “planning” will connote central direction of the economy along Soviet lines. In the British discussion of the 1920s and 1930s, however, it was the labe lattached to incentives to induce the market to direct resources toward particular sectors—what is referred to in the current literature as “industrial policy.” In this paper I use “planning,” as that was the term preferred by contemporaries.Google Scholar

⁴ See Keynes, J. M., “The Underlying Principles,” reprinted in J. M. Keynes, Activities, 1922–1929: The Return to Gold and Industrial Policy, part 1, vol. 17 of The Collected Writings of John Maynard Keynes, ed. Moggridge, Donald (London, 1981), pp. 450–51 [henceforth JMK, followed by volume number].Google Scholar

⁵ JMK, vol. 19, part 1, p. 152.Google Scholar

⁶ Ibid., part 2, pp. 729–30.

⁷ The discussīons of these two bodies are treated with extreme brevity because they are also analyzed in Barry J. Eichengreen, “Sterling and the Tariff, 1929–32,” Princeton Studies in International Finance, pamphlet no. 48 (1981).Google Scholar

⁸ JMK, vol. 20, p. 115.Google Scholar

⁹ Ibid. For the arguments of Keynes's, critics, see Tariffs: The Case Examined, ed. Beveridge, William (London, 1931).Google Scholar The competing positions are analyzed further in Eichengreen, Barry J., “Protection, Real Wage Resistance and Employment,” Weltwirtschaftliches Archiv, 119 (09. 1983), 430–52.CrossRefGoogle Scholar

¹⁰ For details, see Cairncross, Alec and Eichengreen, Barry, Sterling in Decline: The Devaluations of 1931–1949 and 1967 (Oxford, 1983), chap. 3.Google Scholar

¹¹ See JMK, vol. 9. On the use of Keynes's arguments, see Public Record Office, T172/1768, “Samuel to Chamberlain,” 17 Dec. 1931.Google Scholar

¹² Harrod, R. F., The Life of John Maynard Keynes (London, 1951), p. 504.Google Scholar

¹³ Much the same debate appears in the recent literature on the economic effects of the Hawley-Smoot Tariff. The dominant view would appear to be that Hawley-Smoot's domestic impact was initially expansionary (since it raised prices relative to costs and encouraged supply) but ultimately contractionary (since it elicited retaliation that depressed American export demands). See Meltzer, A. H., “Monetary and Other Explanations for the Start of the Great Depression,” Journal of Monetary Economics, 2 (05 1976), 455–71.CrossRefGoogle Scholar

¹⁴ JMK, vol. 25, p. 28.Google Scholar

¹⁵ Ibid., p. 188. Discussions of the negotiations over Lend-Lease and the Clearing Union are provided by Gardner, Richard N., Sterling-Dollar Diplomacy (New York, 1956);Google Scholar and Horsefield, J. Keith, The International Monetary Fund, 1945–1965, Volume 1: Chronicle (Washington, D.C., 1969).Google Scholar

¹⁶ Again, see Gardner, Sterling-Dollar Diplomacy.Google Scholar

¹⁷ See, for example, Hubert Henderson's views in “International Economic History of the Interwar Years” (originally circulated on 3 Jan. 1943) in Henderson, H. D., The Interwar Years and Other Papers (Oxford, 1955).Google Scholar

¹⁸ JMK, vol. 26, p. 304; JMK, vol. 27, pp. 427–46.Google Scholar

¹⁹ For further discussion of Keynes's views of the relationship between market forces and planning, see Cairncross, Alec, “Keynes and the Planned Economy,” in Keynes and Laissez-Faire, ed. Thirlwall, A. P. (London, 1976), pp. 36–58.Google Scholar

²⁰ JMK, vol. 21, p. 208.Google Scholar Keynes's views also may have been influenced by Young's and Robinson's contemporaneous work on scale economies and imperfect competition: see Young, Allyn, “Increasing Returns and Economic Progress,” Economic Journal, 38 (1928), 527–42;CrossRefGoogle ScholarRobinson, Joan, The Economics of Imperfect Competition (London, 1933).Google Scholar

²¹ JMK, vol. 21, pp. 208–10.Google Scholar

²² Ibid.

²³ This essay appeared in The New Statesman and Nation, and also in the Yale Review; JMK, vol. 21, pp. 233–46.Google Scholar

²⁴ Hansard Parliamentary Debates, vol. 138, no. 41, 18 Dec. 1945.Google Scholar