Word: keyneses
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The plan was a compromise between Britain's Lord Keynes and the U.S. Treasury's Harry D. White, with trimmings introduced by others. Its two essential parts:
One group of Oxford economists opposed Bretton Woods because it "tended to outlaw discriminatory practices" held to be necessary in Britain's desperate debtor position. The Beaverbrook papers criticized Bretton Woods as a return to an inflexible gold standard. Sharpest attacks came from a "young Tory" M.P., Robert John...
¶"[British] titles are presumably and often are, conferred for services to the state. . . . Recently John Maynard Keynes has been created a baron for his dominance in American affairs."
First Objection. The Bretton Woods proposals, they admit, might work in a stable, orderly world. But the postwar world will be neither stable nor orderly. Some countries will be heavily in debt, while others enjoy vast spendable resources. What they term the "delicate" Keynes-White mechanism is not designed to...
Third Objection. The banker-critics see at Bretton Woods a credit institution controlled by borrowers rather than by creditors. They cite U.S. banking history as evidence that would-be borrowers should not pass on loan applications. They also think that too great latitude is allowed on exchange rates. Under the...