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The Clearing Union and Early Discussions of the Bank Plan

In: International Economic Co-Operation and the World Bank

Author

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  • Robert W. Oliver

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

Suggested Citation

  • Robert W. Oliver, 1996. "The Clearing Union and Early Discussions of the Bank Plan," Palgrave Macmillan Books, in: International Economic Co-Operation and the World Bank, chapter 0, pages 128-152, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-14081-7_6
    DOI: 10.1007/978-1-349-14081-7_6
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