The Clearing Union and Early Discussions of the Bank Plan

Robert W. Oliver

Chapter VI in International Economic Co-Operation and the World Bank, 1996, pp 128-152 from Palgrave Macmillan

Abstract: Abstract By 1931, when the pound was freed from gold, the British had developed a fear of unemployment and deflation, particularly when dictated by external circumstances. They wanted to manage their domestic fiscal and monetary policy in the interest of internal balance without undue concern for external balance. They opposed a return to an international gold standard,1 or any other system of rigidly fixed exchange rates. British economists turned their attention to the theoretical aspects of balance of payments adjustments — some, following Keynes, tending to favor changing (though not necessarily freely fluctuating) exchange rates, and some (particularly those in the Labour Party) tending to favor import restrictions and exchange controls.2

Keywords: International Investment; International Development Association; Stabilization Fund; Member Government; Foreign Loan (search for similar items in EconPapers)
Date: 1996
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-14081-7_6

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DOI: 10.1007/978-1-349-14081-7_6

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