The International Economy

David Reisman
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David Reisman: Nanyang Technological University

Chapter 5 in James Edward Meade, 2018, pp 99-123 from Palgrave Macmillan

Abstract: Abstract Meade had been a witness to the beggar-thy-neighbour economic nationalism that had perpetuated the economic stagnation of the 1930s. He was always a free trader, determined to eradicate protective tariffs and non-tariff barriers. Free trade extended to a flexible parity, more malleable than the nineteenth-century gold standard but adjustable only with the permission of a cross-border organisation like the International Monetary Fund. Depreciation would always be preferable to deflation where institutional rigidities in wages and prices meant that downturns would mean excess capacity and involuntary unemployment.

Keywords: Free trade; Ricardo; International Monetary Fund; Adjustable exchange rates; Depreciation versus deflation (search for similar items in EconPapers)
Date: 2018
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DOI: 10.1007/978-3-319-69281-4_5

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