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2024 | OriginalPaper | Buchkapitel

6. On the International Clearing Union

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Abstract

As explained in Explanatory Note II, in July 1940, the Chancellor of the Exchequer’s Consultative Council was set up to help and advise the Chancellor on special problems arising from war conditions. Keynes accepted Council membership and was soon to find himself engaged in a range of important assignments.

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Fußnoten
1
In the next chapter (Chap. 7), the international commodity problem, which Keynes tackled in the 1940s, is examined.
 
2
See JMK.25, pp.23–24 and 32.
 
3
For Roosevelt, see Wolfe (1995), and for White, see Skidelsky (2000, p.242).
 
4
Keynes drew up a draft for the Chancellor (JMK.23, pp.137–140).
 
5
See JMK.23, pp.175–177.
 
6
See JMK.24, Ch. 4.
 
7
In the three earlier drafts the viewpoints from the UK side are more striking than in the Fourth, which reveals his political stance.
 
8
See Skidelsky (2000, Ch. 6, V).
 
9
“S.B.M.” in Keynes (1930a, Ch. 38) was to be a precursor of bancor.
 
10
All the current balances and capital balances for secure investment only are considered. Speculative capital movement and capital flight should be controlled, the method being left to each member country.
 
11
The White Plan went on to be revised to meet the opposition from the State Department and the Federal Reserve Board. This was mainly done by E.M. Bernstein. See Mikesell (1994, p.16).
 
12
For White Plan [Ia] and [II], this chapter refers to Horsefield (1969), while for White Plan [Ib], to Office of the Historian (1942).
 
13
This is to be named “unitas” in White Plan [II]. White himself was, in fact, critical of this idea, believing that the dollar should be an international money. The idea comes from Morgenthau and Roosevelt. See Steil (2013, p.148).
 
14
See Moggridge (1992, p.687). For Keynes’s confused view on the Gold Standard, see Steil (2013, pp.137–139).
 
15
For how the Bank Plan evolved after White Plan [Ib], see Mikesell (1994, pp.36–39).
 
16
Keynes took this seriously in 1941. For June 1942 and for May 1943, see JMK.23, respectively, p.233 and p.267.
 
17
See JMK.25, p.292.
 
18
See Skidelsky (2000, p.301).
 
19
In White Plan [Ia], the term, “new international unit” appears without explanation, while in White Plan [Ib], the term is explained very roughly as international money (see II.7). White Plan [II] is, contrastingly, unique in “III. Monetary Unit of the Fund” where unitas is introduced (albeit as a unit of account).
 
20
See JMK.25, p.348.
 
21
See JMK.25, p.359.
 
22
See JMK.25, pp.364, 370–372.
 
23
See JMK.25, pp.370–371.
 
24
Eady’s note (19 January; JMK.25, pp.395–398) describes the situation vividly. He points out that the attitude and technique behind the White Plan consistently reflect the principles of the Equalization Fund (p.397).
 
25
See JMK.25, pp.427–428.
 
26
See JMK.25, p.438.
 
27
Just before it, New York bankers tried to offer a huge loan to the UK in return for opposition to a new international system. See Steil (2013, p.153).
 
28
See JMK.26, p.10.
 
29
See JMK.26, pp.61 and 70.
 
30
See JMK.26, pp.77–83.
 
31
Hawtrey (1946a) harshly criticizes the Bretton Woods Agreement which fatally neglects the fundamental theme that “the money units linked by the rates of exchange should themselves be stabilised in their wealth-value” (p.v) while he values positively the ICU plan because it embodies the theme, which is embodied in the Jenoa Plan (see pp.26, 28 and 29).
 
32
Skidelsky (1983) states that “[Keynes] assumed the Empire as a fact of life” (p.91). Contrastingly, Hawtrey (Hawtrey Papers 12/2, Churchill College, Cambridge University) criticized Imperialism on ethical grounds, as resting on “false ends”. Leonard Woolf, advocating an idea of the international government for the Labour Party, took a critical stance on Imperialism (see Wilson 1995, p.83). Turnell (2002) interprets Keynes’s IC Plan as a truly liberal adjunct to his realism in the sense of E.H. Carr.
 
33
For Keynes’s view (on 23 April 1944) on Anglo-American co-operation, see JMK.25, pp.446–447.
 
Literatur
Zurück zum Zitat Hawtrey, R., “The Need for Faith”, Economic Journal, 56, 1946a. Hawtrey, R., “The Need for Faith”, Economic Journal, 56, 1946a.
Zurück zum Zitat Keynes, J.M., A Treatise on Money, 1 and 2, London: Macmillan (TM) (JMK.5 and 6), 1930a [1971]. Keynes, J.M., A Treatise on Money, 1 and 2, London: Macmillan (TM) (JMK.5 and 6), 1930a [1971].
Zurück zum Zitat Mikesell, R.,The Bretton Woods Debates: a Memoir, Essays in International Finance Series, no. 192. Princeton, NJ: Princeton University, Department of Economics, International Finance Section, 1994. Mikesell, R.,The Bretton Woods Debates: a Memoir, Essays in International Finance Series, no. 192. Princeton, NJ: Princeton University, Department of Economics, International Finance Section, 1994.
Zurück zum Zitat Moggridge, D., Maynard Keynes: An Economist’s Biography. London: Routledge, 1992.CrossRef Moggridge, D., Maynard Keynes: An Economist’s Biography. London: Routledge, 1992.CrossRef
Zurück zum Zitat Skidelsky, R., John Maynard Keynes, Vol.1. Hopes Betrayed, 1883–1920, London: Macmillan, 1983. Skidelsky, R., John Maynard Keynes, Vol.1. Hopes Betrayed, 1883–1920, London: Macmillan, 1983.
Zurück zum Zitat Skidelsky, R., John Maynard Keynes, Vol.3. Fighting for Britain, 1937–1946, London: Macmillan, 2000. Skidelsky, R., John Maynard Keynes, Vol.3. Fighting for Britain, 1937–1946, London: Macmillan, 2000.
Zurück zum Zitat Steil, B.,The Battle of Bretton Woods: John Maynard Keynes, Harry Dexter White and the Making of a New World Order. Princeton, NJ: Princeton University Press, 2013.CrossRef Steil, B.,The Battle of Bretton Woods: John Maynard Keynes, Harry Dexter White and the Making of a New World Order. Princeton, NJ: Princeton University Press, 2013.CrossRef
Zurück zum Zitat Turnell, S., “Keynes, Economics and War: a Liberal Dose of Realism”. Department of Economics Research Papers, No. 207: Macquarie University, Sydney, 2002. Turnell, S., “Keynes, Economics and War: a Liberal Dose of Realism”. Department of Economics Research Papers, No. 207: Macquarie University, Sydney, 2002.
Zurück zum Zitat Wilson, P., “Leonard Woolf and International Government” (In: Long, D. and Wilson, P. eds., 1995, 122–160) Wilson, P., “Leonard Woolf and International Government” (In: Long, D. and Wilson, P. eds., 1995, 122–160)
Zurück zum Zitat Wolfe, L., “The Other War. FDR’s Battle against Churchill and the British Empire”, The American Almanac, August 28, 1995. Wolfe, L., “The Other War. FDR’s Battle against Churchill and the British Empire”, The American Almanac, August 28, 1995.
Metadaten
Titel
On the International Clearing Union
verfasst von
Toshiaki Hirai
Copyright-Jahr
2024
DOI
https://doi.org/10.1007/978-3-031-40135-0_6