Word: keynesism
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The U.S. and Great Britain were this week deep in all-important economic discussions. Their subject: a precise, elegantly written memorandum by Britain's famed economist, John Maynard Keynes, aimed at the stabilization of postwar exchanges and the promotion of worldwide foreign trade.
The Keynes memorandum, though discussed for months in Washington and London, has been wrapped in secrecy. But this week a fuller statement of the plan came from London, where the proposal may shortly be issued as a White Paper. In that event, the U.S. Treasury may issue a counter-memorandum...
To political leaders and to U.S. businessmen alike the Keynes proposal is of immense significance. Though world trade is naturally at a standstill, even U.S. postwar isolationists now believe that some such plan is a key to postwar prosperity and continued peace. As in the case of the Beveridge Plan...
> John Maynard Keynes, unorthodox economist, New Deal adviser and, more recently, director of the Bank of England. Once cholerically opposed by classical financiers, he can now, as Baron Keynes, boost his theories in the House of Lords.
Present plans envisage inflation control largely through manipulation of supply. The techniques--priorities, rationing, and price fixing--have worked and will continue to work in individual cases like rubber, gas, and sugar, but the economists from Hansen to Keynes are united in believing this one-sided attack inadequate to control...