The Future of Sterling

The Future of Sterling

The Future of Sterling

The Future of Sterling

Excerpt

The purpose of this study is to ask questions that should be of interest both to practical policymakers and to theoretical economists, and to provide tentative answers to some of them. A full theoretical discussion would involve the use of tools of analysis which are only just beginning to be developed, while absolutely confident policy recommendations would demand more knowledge than is available, or even possible, at the moment. At the same time, by asking the right questions and showing where they seem to lead us, we can avoid some of the consequences of prejudice, whether it be based on emotional grounds or mental laziness.

The intellectual origins of this book lie mainly in Keynes's writings during the twenties on the Gold Standard, and in William Adams Brown's monumental study of the Gold Standard during the interwar-period. It is a matter for deep regret that the companion volumes on the pre-1914 system have never been published. More immediately, I must acknowledge my debt to the varied but always valuable stimuli to thought derived from my teachers at Cambridge and from my colleagues at the London School of Economics. In connexion with this study I must particularly thank Professor R. S. Sayers for his steady encouragement. I must also thank Professor J. E. Meade for pointing out weaknesses in the argument . . .

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