Word: hawtrey
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Dates: during 1930-1939
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...point. Even though the wage cutting scheme be inferior to the price-raising, alternative, II Duce might infinitely prefer to slash at the defenceless proletariat in the usual fashion rather than tread so heavily on the toes of his fixed-income supporters. Even though wage-cutting, as R. G. Hawtrey has pointed out from his eyrie in the Bank of England may not prove sufficient to increase exports to any appreciable degree in a world of incredible tariff walls, and even though, as Cassandra Keynes has warned, wage-cutting may provoke bitter retaliation by other countries, still Il Duce does...
Such controversial subjects as the monetary and cycle theories of Hawtrey, Keynes, Hayes and Foster and Catchings are treated at length; while much light is also thrown on the mechanism and control of credit, and international trade in general. It would be rash to go further into the subject matter of the course for monetary theory and practice are in such a state of rapid development that next year may find a new set of problems which will call for new treatment. It can, however, be confidently concluded that if such changes do occur Professor Williams, to a greater degree...