Word: keynesism
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In either situation both the White fund and the Clearing Union would try to correct the trade discrepancy. Significantly, however, the White plan places most emphasis on a nation which is constantly a debtor. With an eye on the U.S., Keynes insists on the responsibility of a creditor to accept...
Gold and Power. The two plans differ significantly, and nationalistically, in their treatment of gold. The Unitas is given a fixed and inflexible value in terms of gold. The gold value of the bancor may be varied by the Clearing Union. And while the Unitas would be redeemable in gold...
Control of the American fund would be determined by the amount of gold and other capital which a nation put into it. But no nation could hold more than 25% of the votes. Since its board must have an 80% majority to reach any important decision, this would place an...
International Opinion. In its appeal to internationalism, the Keynes proposal struck a broader, more philosophic note than the American proposal. By emphasizing the power of veto, the White plan suggests a fatal Anglo-American split, which would doom any plan.
Opinion definitely divided on the touchy question of gold. Some termed the White plan "sounder," pointed out that, since the bancor is nonconvertible to gold, the Keynes Clearing Union might overexpand credit. Keynes himself terms his plan "expansionist," but points out that the risks of deflation (such as was experienced...