John Maynard Keynes put forward a number of proposals to reshape the international monetary system. Although variegated, they do have one characteristic in common—the rejection of freely flexible exchange rates—which, in a sense, is like a prism refracting the different shades of his many reform plans. This is somewhat puzzling insofar as it clashes with Keynes’s call for activist monetary policy. Indian Currency and Finance sheds light on the origins and arguments underlying this peculiar feature and is accordingly most significant in the development of Keynes’s work on the international monetary system.
Research Article| June 01 2015
Filippo Cesarano; Indian Currency and Finance: John Maynard Keynes’s Prismatic View of the International Monetary System. History of Political Economy 1 June 2015; 47 (2): 241–269. doi: https://doi.org/10.1215/00182702-2884321
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