“Keynes’s design was in favour of the liberalization of the economy and the capital’s transfers, for the main purpose of monetary stability. To avoid devaluation of currencies - a practice followed by governments in order to sustain their export - Lord Keynes planned to introduce “Bancor”, a money of account to be accepted by all countries in international exchanges. The international body to be organized would get interests both from debtor and creditor countries, in order to finance the balance of payments system”

— Nico Perrone

Source: The international economy from a political to an authoritative drive, p. 130

Adopted from Wikiquote. Last update June 3, 2021. History

Help us to complete the source, original and additional information

Do you have more details about the quote "Keynes’s design was in favour of the liberalization of the economy and the capital’s transfers, for the main purpose of…" by Nico Perrone?

Nico Perrone 16

Italian historian and writer 1935

Related quotes

“International indebtedness involves not only the usual slavery of debt, but the interest of the creditor nations in the debtor country.”

Gustav Stresemann (1878–1929) German politician, statesman, and Nobel Peace Prize laureate

Article for Zeit (20 April 1924), quoted in W. M. Knight-Patterson, Germany. From Defeat to Conquest 1913-1933 (London: George Allen and Unwin, 1945), p. 348
1920s

“Thus, in one way or another, the whole world is more or less the debtor to and vassal of these forn international banker countries, the four "pillars" of world finance capital.”

Vladimir Lenin (1870–1924) Russian politician, led the October Revolution

Source: Imperialism, The Highest Stage of Capitalism (1917), Chapter Three
Source: Imperialism, the Highest Stage of Capitalism: Full Text of 1916 Edition

“Any account of the development of the international monetary system is also necessarily an account of the development of international capital markets.”

Barry Eichengreen Introduction

Source: Globalizing Capital (2008), Chapter 1. Introduction

“As coordination contains all the principles of organization, it likewise expresses all the purposes of organization, in so far as these purposes relate to its internal structure. To avoid confusion we must keep in mind that there are always two objectives of organization, the internal and the external. The latter may be anything, according to the purpose or interest that calls the group together, but the internal objective is coordinative always.”

James D. Mooney (1884–1957) American businessman

Source: Onward Industry!, 1931, p. 20

“Keynes is not just for the foxhole, but for the emerging world order.”

Robert Skidelsky (1939) Economist and author

Source: John Maynard Keynes: The Return of the Master (2009), Ch. 8 : Keynes for Today

“Professor Ohlin also made an important contribution to what now might be called the macro-economic aspects of a country's balance of payments. In 1929 in the Economic Journal he engaged in a famous controversy with Keynes on the problem of transferring payments from one country to another across the foreign exchanges. In this he laid stress upon the income-expenditure effects of the reduced spending power in the paying country and of the increased spending power in the recipient country. In doing so he made use of the usual distinction between a country's imports and exports; but in addition he emphasised the importance of the less usual distinction between a country's domestic non-tradeable goods and services and its tradeable, exportable and importable, goods. I made some use of this latter distinction in my Balance of Payments; but looking back I regret that I did not let it play a much more central role in that book”

James Meade (1907–1995) British economist

The Meaning of "Internal Balance", (1977)

“In fact, the only person to rival Friedman for policy influence in the twentieth century is John Maynard Keynes, who had a strikingly different view of the role of government. Keynes was influential because he advocated more government intervention into what he perceived as poorly functioning private economies caught up in the Great Depression. In contrast to Keynes, Friedman put the main blame for the Depression on government failures, especially of monetary policy. Hence, the Depression did not make Friedman a fan of big government. He also found in the Federal Reserve’s failure to prevent deflation an argument in favor of monetary rules. As the world evolved— with low inflation becoming the major mission of central banks and free markets and secure property rights becoming the main policies to promote economic growth—Friedman surely won the intellectual battle.”

Robert Barro (1944) American classical macroeconomist

Source: Nothing Is Sacred (2002), p. 2

“Fifteen years ago, I found it easy to be in favor of international capital mobility -- the free flow of investment financing from one country to another. Then it was easy to preach for an end to all systems of controls on capital that hindered this flow. Now it is harder.”

J. Bradford DeLong (1960) American economist

"Should We Still Support Untrammelled International Capital Mobility? Or are Capital Controls Less Evil than We Once Believed?", The Economists' Voice (2004)

“If the world as a whole returned to the gold standard there would be such fluctuations in the value of gold that it would very soon prove impractical.
Today an international gold standard could only mean that a few countries would maintain a real gold standard. The other countries would hang on to the system through a gold exchange standard — where the currency isn't really redeemable in gold but the government attempts to keep a fixed rate between its currency and gold.”

Friedrich Hayek (1899–1992) Austrian and British economist and Nobel Prize for Economics laureate

1980s and later, Interview in Silver & Gold Report (1980)

“If we continue to use industrial resources for other purposes – defence, housing, etc. thus preventing the diversion of resources to export work, the [exchange] rate will continue to fall. ... the basic idea of internal stability of prices and employment, which had dominated economic policy for so long will not be maintainable. It will not be possible to maintain stable internal prices and wages; it will not be possible to avoid unemployment. There will be a continuous process of change and readjustment and much of this will be painful.”

Rab Butler (1902–1982) British politician

Chancellor of the Exchequer
Source: Memorandum, 'External Action' (21 February 1952) advocating Operation ROBOT, quoted in Correlli Barnett, The Verdict of Peace. Britain Between Her Yesterday and the Future (London: Pan, 2002), p. 162

Help us to complete the source, original and additional information

Nico Perrone 16

Related quotes

Related topics