“To unstable money are to be traced nearly all our economic troubles since 1918: the unemployment of the inter-war period; the over-employment and scarcity of labour since the Second World War; the labour unrest incidental to perpetual wage demands; the hardships and dislocation caused by the declining value of small savings, annuities and endowments; the vexation of continual price rises even for those whose incomes on the whole keep pace with them; the collapse of the prices of Government securities through distrust of the unit in which they are valued.”

‘Foreword’ (1961) to A Century of Bank Rate (1962, 2nd ed.), p. xxii.
A Century of Bank Rate (1938)

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Ralph George Hawtrey 11
British economist 1879–1975

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