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These documents, published here for the first time, present the Treasury's counter-arguments during the period when Keynes was developing the ideas that led to the Keynesian revolution in economic policy. Economists and historians have tended to assume that Keynes was right and the Treasury was wrong; this volume shows that the Treasury anticipated the political problems that would be encountered in putting Keynes's ideas into practice. The topics covered include the return to the gold standard, unemployment, inflation and the international economy. This edition complements the Royal Economic Society's Collected Writings of John Maynard Keynes, and sheds new light on a formative period in British history.
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