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Speculation and buffer stocks: The legacy of Keynes and Kahn

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  • Luca Fantacci
  • Maria Cristina Marcuzzo
  • Annalisa Rosselli
  • Eleonora Sanfilippo

Abstract

We review Keynes's constant concern with commodity prices, both as speculator and as theorist, arguing that it was never divorced from his view on market instability. We also look at Kahn's contribution on buffer stocks, which brought to fruition the original intuition by Keynes, refining it with his usual attention to the finest details. Finally, we will draw some general considerations on the relevance of the proposals of stabilization of commodity prices, based on buffer stocks, in the present sentiment of ‘a return to Keynes’ in the attempt to cope with possibly the worst global economic crisis since the 1930s.

Suggested Citation

  • Luca Fantacci & Maria Cristina Marcuzzo & Annalisa Rosselli & Eleonora Sanfilippo, 2012. "Speculation and buffer stocks: The legacy of Keynes and Kahn," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 19(3), pages 453-473, June.
    • Handle: RePEc:taf:eujhet:v:19:y:2012:i:3:p:453-473
    DOI: 10.1080/09672567.2010.501109
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    References listed on IDEAS

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    1. Moore, Henry Ludwell, 1914. "Economics Cycles: Their law and cause," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number moore1914.
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    Cited by:

    1. Carabelli, Anna & Cedrini, Mario, 2013. "Globalization and Keynes's Ideal of a 'Sounder Political Economy between All Nations," CESMEP Working Papers 201305, University of Turin.
    2. Paolo Paesani & Annalisa Rosselli, 2014. "The Case for a Supra-national Control on Commodities in the post WWII World: Novel Perspectives from FAO and Kaldor Archives," HISTORY OF ECONOMIC THOUGHT AND POLICY, FrancoAngeli Editore, vol. 2014(1), pages 5-30.
    3. Pablo G Bortz, 2023. "Keynes’s theories of the business cycle: evolution and contemporary relevance," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 47(4), pages 835-852.
    4. Daniel Schiffman, 2014. "Richard Kahn and Israeli Economic Policy, 1957 and 1962," HISTORY OF ECONOMIC THOUGHT AND POLICY, FrancoAngeli Editore, vol. 2014(1), pages 31-73.
    5. Carabelli, Anna & Cedrini, Mario, 2014. "Not Beautiful, not Just, not Virtuous; 'And It Doesn't Deliver the Goods'. Capitalism and “Fear of Goods” in Keynes's Thought," Department of Economics and Statistics Cognetti de Martiis. Working Papers 201438, University of Turin.
    6. Frank Veneroso & Mark Pasquali, 2021. "The Souk Al-Manakh: The Anatomy of a Pure Price-Chasing Bubble," Economics Working Paper Archive wp_987, Levy Economics Institute.
    7. Raphaël Orange-Leroy, 2023. "UNCTAD experts as an intellectual basis for developing countries' involvement in the reform of the international monetary system. Paper presented at the Summer Institute of the Center for the History ," Post-Print hal-04498357, HAL.
    8. Marcuzzo, Maria Cristina, 2012. "Speculation and regulation in commodity markets: The Keynesian approach in theory and practice," MPRA Paper 44131, University Library of Munich, Germany.

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