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The Economic Consequences of Mr Churchill (1925)

In: Essays in Persuasion

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  • John Maynard Keynes

Abstract

World trade and home consumption are both moderately good —running on a level keel, midway between slump and boom. The United States has had a year of abundant prosperity; India and the Dominions are doing fairly well; in France and Italy unemployment is non-existent or negligible; and in Germany during the last six months the numbers receiving the dole have decreased rapidly, by more than half, to 4–5 per cent against our 10 per cent. The aggregate of world production is probably greater than at any time since 1914. Therefore our troubles are not due either to world-wide depression or to reduced consumption at home. And it is obvious what does cause them. It is a question of relative price here and abroad. The prices of our exports in the international market are too high. About this there is no difference of opinion.

Suggested Citation

  • John Maynard Keynes, 2010. "The Economic Consequences of Mr Churchill (1925)," Palgrave Macmillan Books, in: Essays in Persuasion, chapter 5, pages 207-230, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-59072-8_17
    DOI: 10.1007/978-1-349-59072-8_17
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    Cited by:

    1. Vacu, Nomfudo P. & Odhiambo, Nicholas M., 2020. "The Determinants of Import Demand in South Africa: An Empirical Investigation," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 73(1), pages 51-76.

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