Word: keynesism
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Not since John Maynard Keynes, Dean Acheson, Henry Morgenthau and politico-economic experts from 45 other countries huddled in the little New Hampshire resort town of Bretton Woods in 1944 has there been a monetary meeting like the one convening in Washington this week. John Connally, the tough but still...
World Central Bank. Even to negotiate such a system would take years, and there are huge practical and political difficulties. Most important, all the major proposals for basic reform of the monetary system call for nations to surrender an unprecedented degree of money sovereignty to the IMF, which would have...
Theory from Keynes
Lord Keynes recognized that the Pharaohs had a great deal to teach 20th century political economists. In his General Theory Keynes wrote: "Ancient Egypt was doubly fortunate ... in that it possessed two activities, namely, pyramid building as well as the search for precious metals . . . We have no such easy escape...
Fervor of Religion. There is no doubt that Friedman's persuasive powers helped to swing the Nixon Administration away from the precepts of Britain's late John Maynard Keynes. An apostle of intervention, Keynes acknowledged a role for money policy but preached that governments should mainly manipulate fiscal...