Word: keyneses
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It is obvious that Harvard's Robert Reich [May 2] springs from the same source as John Maynard Keynes and John Kenneth Galbraith. Can anyone seriously suggest expanding the role of Government in business? It is just this kind of interference that has had a destabilizing influence on our...
The dominant figure at the 1944 conference was John Maynard Keynes, then 61, the leader of the British delegation. Treasury Secretary Henry Morgenthau led the U.S. contingent, but the real American architect of the Bretton Woods accord was Harry Dexter White, Morgenthau's plain-spoken chief adviser.
Working in the cool mountain air, Keynes and White agreed to create a system of fixed exchange rates. The established currency values could be adjusted, but in practice that rarely happened. The value of the dollar was set in terms of gold at $35 per oz. Moreover, the U.S. promised...
The world has now discovered the dangers inherent in the Federal Reserve Board's pursuit of tight-money policies. It is tragic to see 12 million Americans unemployed, thousands of U.S. companies in bankruptcy and hordes of Third World countries on the brink of default. No wonder John Maynard...
There were no great surprises at the session. As one participant observed: "They all sounded just the same inside as they do outside." They also sounded as if they were unaware of one of John Maynard Keynes' most trenchant observations on the way the real world works: "Practical men...