Keynes and International Monetary Relations: The Second Keynes Seminar held at the University of Kent at Canterbury 1974

134 Pages·1976·12.741 MB·English

by  A. P. Thirlwall (eds.)

KEYNES AND INTERNATIONAL MONETARY
RELATIONS
Also by A. P. Thirlwall
GROWTH AND DEVELOPMENT WITH SPECIAL REFERENCE TO DEVELOPING
ECONOMIES
INFLATION, SAVING AND GROWTH IN DEVELOPING ECONOMIES
REGIONAL GROWTH AND UNEMPLOYMENT IN THE UNITED KINGDOM (with
R.]. Dixon)
FINANCING ECONOMIC DEVELOPMENT
John Maynard Keynes (right) and Henry Morgenthau, U.S. Secretary of
the Treasury, at Bretton Woods
KEYNES
AND INTERNATIONAL
MONETARY RELATIONS
The Second Keynes Seminar held at the
University of Kent at Canterbury 1974
edz"ted by
A. P. THIRLW ALL
Reader in Economics
University of Kent at Canterbury
Palgrave Macmillan
ISBN 978-1-349-02754-5 ISBN 978-1-349-02752-1 (eBook)
DOI 10.1007/978-1-349-02752-1
Copyright© 1976 Keynes College
Softcover reprint of the hardcover 1st edition 1976
All rights reserved. For information, write:
St. Martin's Press, Inc., 175 Fifth Avenue, New York, N.Y. 10010
Library of Congress Catalog Card Number: 75-44515
First published in the United States of America in 1976
Contents
John Maynard Keynes and Henry Morgenthau, U.S.
Secretary of the Treasury, at Bretton Woods frontispiece
List of Participants VI
Acknowledgements VI
Foreword D. Crabtree Vll
SESSION 1
Introduction W. Hagenbuch 1
Historical Origins of the International Monetary Fund
Lord Kahn 3
Introduction W. Hagenbuch 36
The Politics of International Monetary Reform
Terence Higgins, MP 3 7
Discussion 57
SESSION 2
Introduction M.]. C. Vile 65
Keynes and the International Monetary Fund
Lord Balogh 66
Discussion 90
SESSION 3
Beyond Bretton Woods: Floating Exchange Rates and
Capital Movements A. Lamfalussy 107
Concluding Remarks A. P. Thirlwall 123
Index 125
List of Participants
Speakers and contributors to the discussion
Lord Balogh Balliol College, Oxford
Dr C. Brown University of Kent
D. Crabtree University of Kent
M. Fuller University of Kent
Professor W. Hagenbuch University of Kent
T. Higgins, MP London
Lord Kahn King's College, Cambridge
Professor C. Kennedy University of Kent
Dr A. Lamfalussy Bank of Brussels
R. Opie New College, Oxford
Professor L. Pressnell The City University
Professor J. Robinson Cambridge
Dr A. P. Thirlwall University of Kent
Professor M. J. C. Vile University of Kent
Acknowledgements
The editor wishes to thank the Royal Economic Society for the
frontispiece; and Marion Beale and Marilyn Spice, both of the
Keynes College Secretarial Office, who transcribed the tapes of
the Seminar and typed the final drafts.
A.P.T.
Foreword
Keynes College, the third of the colleges to be built by the
University of Kent at Canterbury, was opened in 1968, and its
members were, and continue to be, deeply appreciative of the
approval of Sir Geoffrey Keynes that it should be named after
his brother John Maynard Keynes. With the University's first
two colleges bearing the names of T. S. Eliot and Lord
Rutherford there would be no more fitting name drawn from
the ranks of the social sciences than that of Lord Keynes.
Professor Robert Spence, the College's first Master, had the
felicitous idea that Lord Keynes's memory might be appropri
ately honoured by the holding of a Keynes Seminar at regular
intervals. The Faculty of Social Sciences of the University
agreed to join with the College in the sponsorship of the
Seminars, and much help and encouragement was given by
Macmillan, who agreed to publish the proceedings and make a
contribution to the costs. In November 1972 the first Keynes
Seminar took place with papers from Sir Roy Harrod, Mr Eric
White, Dr D. E. Moggridge and Mr R. Opie on the general theme
of Keynes: Aspects of the Man and his Work. With a number of
Lord Keynes's relatives and former colleagues and friends
attending, it proved a richly rewarding experience and gave
every inducement to continue the Seminars on a biennial basis.
Whilst it is the intention that the Seminars shall be a vehicle
for exploring the many facets of Lord Keynes's achievements
and interests, diverse as they were, his work in the field of
economics provides an obvious focal point, and it was decided
that the second Seminar should be devoted to Lord Keynes and
his contribution to international monetary relations. This took
place on 6 November 1974, and the organisers were more than
fortunate in having Lord Kahn, Lord Balogh, Mr Terence
Higgins and Dr A. Lamfalussy agree to deliver the papers.
Unfortunately illness prevented Dr Lamfalussy from attending
the Seminar and there was therefore no discussion of his paper,
Vlll FOREWORD
but it is happily included in the printed proceedings. It is deeply
appreciated that our distinguished speakers with so many
demands on their time accepted our invitation, and gave us so
liberally of their scholarship, wide experience and personal
knowledge of Keynes himself. The printed pages which follow
cannot wholly convey to the reader the challenging - and
moving - quality of the spoken word, for those who were
fortunate to attend.
It is a pleasure to acknowledge the debt and gratitude of the
organisers to the speakers, the eminent participants, Mr T. M.
Farmiloe of Macmillan for his interest and encouragement, the
Vice-Chancellor and the Faculty of Social Sciences for their
support, and not least to the audience chosen from the
University, the City of Canterbury and wider afield which
added to the character of the proceedings.
Keynes College D. CRABTREE
August 1975 Master