The Economic Consequences of World War I: Keynes and Rueff

Yasuo Gonjo, Kazuhiko Yago and Patrick Fridenson
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Yasuo Gonjo: Yokohama National University
Kazuhiko Yago: Waseda University
Patrick Fridenson: Ecole des Hautes Etudes en Sciences Sociales

Chapter Chapter 2 in The Truth of Liberal Economy, 2023, pp 7-13 from Springer

Abstract: ABSTRACT In this chapter, the divergence between Keynes and Rueff is explored. Beginning with “The Economic Consequences of Peace,” which discussed the German reparations issue, Keynes extolled the changes in capitalism after World War I, criticized classical economics, and advocated a managed currency system. On the contrary, Rueff argued in his paper “Exchange Rates, a Natural Phenomenon,” that “the mechanism of automatic recovery of the balance of payments has been functioning consistently not only before the war under the gold standard but also after the war when the gold standard was suspended.”

Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:spshcp:978-981-99-0841-7_2

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DOI: 10.1007/978-981-99-0841-7_2

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