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 THE COLLECTED WRITINGS OF

JOHN MAYNARD KEYNES

Managing Editors:
Professor Austin Robinson and Professor Donald Moggridge

John Maynard Keynes (1883—1946) was without doubt one of the most influ-
ential thinkers of the twentieth century. His work revolutionised the theory
and practice of modern economics. It has had a profound impact on the
way economics is taught and written, and on economic policy, around the
world. The Collected Writings ofJohn Maynard Keynes, published in full in
electronic and paperback format for the first time, makes available in thirty
volumes all of Keynes's published books and articles. This includes writings
from his time in the India Office and Treasury, correspondence in which he
developed his ideas in discussion with fellow economists and correspondence
relating to public affairs. Arguments about Keynes's work have continued
long beyond his lifetime, but his ideas remain central to any understanding of
modern economics, and a point of departure from which each new generation
of economists draws inspiration.

Between the outbreak of war in 1939 and his death in April 1946, Keynes
was closely involved in the management of Britain's war economy and the
planning of the post-war world. This volume, the sixth dealing with this
period, focuses on several aspects of post-war planning: the discussions
surrounding relief and reconstruction, the attempts to produce a post-war
scheme to stabilise the prices of primary products, and the discussions
surrounding Britain's programme of reconstruction, most notably the
Beveridge programme for social insurance and the policy of full employment.
It contains Keynes's contributions to the discussion of these issues, most
notably his primary product scheme and his longer papers on the tactics and
problems of a full employment policy.

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 Kcyncs at work, from a photograph in Picture Post, 10 November 1945.
(Radio Times Hulton Picture Library)

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 THE COLLECTED WRITINGS OF
JOHN MAYNARD KEYNES

VOLUME XXVII

A C T I V I T I E S 1940-1946
SHAPING THE POST-WAR WORLD:
EMPLOYMENT AND COMMODITIES

EDITED BY

DONALD MOGGRIDGE

CAMBRIDGE UNIVERSITY PRESS

FOR THE

ROYAL ECONOMIC SOCIETY

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 © The Royal Economic Society 1980, 2013

All rights reserved. No part of this publication

may be reproduced or transmitted, in any
form or by any means, without permission

Published for the Royal Economic Society

throughout the world by
CAMBRIDGE UNIVERSITY PRESS
Cambridge, New York, Melbourne, Madrid, Cape Town,
Singapore, Sao Paulo, Delhi, Mexico City
Cambridge University Press
The Edinburgh Building, Cambridge CB2 8RU, UK

Published in the United States of America by

Cambridge University Press, New York

www.cambridge.org
Information on this title: www.cambridge.org/9781107651562

This publication is in copyright. Subject to statutory exception

and to the provisions of relevant collective licensing agreements,
no reproduction of any part may take place without the written
permission of Cambridge University Press.

This edition published 2013

Printed and bound in the United Kingdom
by the MPG Books Group

A catalogue record for this publication is available from the British Library

ISBN 978-1-107-65156-2 Paperback

30-volume set ISBN 978-1-107-67772-2

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 CONTENTS

General introduction page vii

Editorial note xiii

Part I. Surplus, Relief and Commodity Policy

I SURPLUSES 3
2 RELIEF 42
3 COMMODITY POLICY

Part II. Internal Policy

4 THE BEVERIDGE REPORT 203

5 EMPLOYMENT POLICY 264

Part III. Conclusion

6 LAST THINGS 423
Appendix: Alterations in the Sixth Draft of The Inter-
national Regulation of Primary Products 488
List of Documents Reproduced 502
Acknowledgements 507
Index 509

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 GENERAL INTRODUCTION
This new standard edition of The Collected Writings of John
Maynard Keynes forms the memorial to him of the Royal
Economic Society. He devoted a very large share of his busy
life to the Society. In 1911, at the age of twenty-eight, he became
editor of the Economic Journal in succession to Edgeworth; two
years later he was made secretary as well. He held these offices
without intermittence until almost the end of his life. Edgeworth,
it is true, returned to help him with the editorship from 1919
to 1925; Macgregor took Edgeworth's place until 1934, when
Austin Robinson succeeded him and continued to assist Keynes
down to 1945. But through all these years Keynes himself
carried the major responsibility and made the principal decisions
about the articles that were to appear in the Economic Journal,
without any break save for one or two issues when he was
seriously ill in 1937. It was only a few months before his death
at Easter 1946 that he was elected president and handed over
his editorship to Roy Harrod and the secretaryship to Austin
Robinson.
In his dual capacity of editor and secretary Keynes played
a major part in framing the policies of the Royal Economic
Society. It was very largely due to him that some of the major
publishing activities of the Society—Sraffa's edition of Ricardo,
Stark's edition of the economic writings of Bentham, and
Guillebaud's edition of Marshall, as well as a number of
earlier publications in the 1930s—were initiated.
When Keynes died in 1946 it was natural that the Royal
Economic Society should wish to commemorate him. It was
perhaps equally natural that the Society chose to commemorate
him by producing an edition of his collected works. Keynes
himself had always taken a joy in fine printing, and the Society,
with the help of Messrs Macmillan as publishers and the
Cambridge University Press as printers, has been anxious to give
vii

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 GENERAL INTRODUCTION
Keynes's writings a permanent form that is wholly worthy of
him.
The present edition will publish as much as is possible of his
work in the field of economics. It will not include any private
and personal correspondence or publish many letters in the
possession of his family. The edition is concerned, that is to say,
with Keynes as an economist.
Keynes's writings fall into five broad categories. First there
are the books which he wrote and published as books. Second
there are collections of articles and pamphlets which he himself
made during his lifetime (Essays in Persuasion and Essays in
Biography). Third, there is a very considerable volume of
published but uncollected writings—articles written for news-
papers, letters to newspapers, articles in journals that have not
been included in his two volumes of collections, and various
pamphlets. Fourth, there are a few hitherto unpublished
writings. Fifth, there is correspondence with economists and
concerned with economics or public affairs. It is the intention
of this series to publish almost completely the whole of the first
four catagories listed above. The only exceptions are a few
syndicated articles where Keynes wrote almost the same material
for publication in different newspapers or in different countries,
with minor and unimportant variations. In these cases, this
series will publish one only of the variations, choosing the most
interesting.
The publication of Keynes's economic correspondence must
inevitably be selective. In the day of the typewriter and the filing
cabinet and particularly in the case of so active and busy a man,
to publish every scrap of paper that he may have dictated about
some unimportant or ephemeral matter is impossible. We are
aiming to collect and publish as much as possible, however, of
the correspondence in which Keynes developed his own ideas
in argument with his fellow economists, as well as the more
significant correspondence at times when Keynes was in the
middle of public affairs.
Apart from his published books, the main sources available
viii

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 GENERAL INTRODUCTION
to those preparing this series have been two. First, Keynes in
his will made Richard Kahn his executor and responsible for
his economic papers. They have been placed in the Marshall
Library of the University of Cambridge and have been available
for this edition. Until 1914 Keynes did not have a secretary and
his earliest papers are in the main limited to drafts of important
letters that he made in his own handwriting and retained. At
that stage most of the correspondence that we possess is
represented by what he received rather than by what he wrote.
During the war years of 1914-18 and 1940-6 Keynes was
serving in the Treasury. With the opening in 1968 of the records
under the thirty-year rule, the papers that he wrote then and
between the wars have become available. From 1919 onwards,
throughout the rest of his life, Keynes had the help of a
secretary—for many years Mrs Stephens. Thus for the last
twenty-five years of his working life we have in most cases the
carbon copies of his own letters as well as the originals of the
letters that he received.
There were, of course, occasions during this period on which
Keynes wrote himself in his own handwriting. In some of these
cases, with the help of his correspondents, we have been able to
collect the whole of both sides of some important interchanges
and we have been anxious, in justice to both correspondents,
to see that both sides of the correspondence are published in
full.
The second main source of information has been a group of
scrapbooks kept over a very long period of years by Keynes's
mother, Florence Keynes, wife of Neville Keynes. From 1919
onwards these scrapbooks contain almost the whole of Maynard
Keynes's more ephemeral writing, his letters to newspapers
and a great deal of material which enables one to see not only
what he wrote but the reaction of others to his writing. Without
these very carefully kept scrapbooks the task of any editor
or biographer of Keynes would have been immensely more
difficult.
The plan of the edition, as at present intended, is this. It will
ix

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 GENERAL INTRODUCTION
total thirty volumes. Of these the first eight are Keynes's
published books from Indian Currency and Finance, in 1913, to
the General Theory in 1936, with the addition of his Treatise on
Probability. There next follow, as vols. IX and x, Essays in
Persuasion and Essays in Biography, representing Keynes's own
collections of articles. Essays in Persuasion differs from the
original printing in two respects: it contains the full texts of the
articles or pamphlets included in it and not (as in the original
printing) abbreviated versions of these articles, and it also
contains two later pamphlets which are of exactly the same
character as those included by Keynes in his original collection.
In Essays in Biography there have been added a number of
biographical studies that Keynes wrote both before and after
1933-
There will follow two volumes, XI-XII, of economic articles
and correspondence and a further two volumes, already pub-
lished, XIII-XIV, covering the development of his thinking as he
moved towards the General Theory. There are included in these
volumes such part of Keynes's correspondence as is closely
associated with the articles that are printed in them. A supple-
ment to these volumes, xxix, prints some further material
relating to the same issues, which has since been discovered.
The remaining fourteen volumes deal with Keynes's Activities
during the years from the beginning of his public life in 1905
until his death. In each of the periods into which we divide this
material, the volume concerned publishes his more ephemeral
writings, all of it hitherto uncollected, his correspondence
relating to these activities, and such other material and corre-
spondence as is necessary to the understanding of Keynes's
activities. These volumes are edited by Elizabeth Johnson and
Donald Moggridge, and it has been their task to trace and
interpret Keynes's activities sufficiently to make the material
fully intelligible to a later generation. Elizabeth Johnson has
been responsible for vols. XV-XVIII, covering Keynes's earlier
years and his activities down to the end of World War I
reparations and reconstruction. Donald Moggridge is respon-

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 GENERAL INTRODUCTION
sible for all the remaining volumes recording Keynes's other
activities from 1922 until his death in 1946.
The record of Keynes's activities during World War II is now
complete with the publication of volumes xxv-xxvu. It now
remains to fill the gap between 1923 and 1939, to print certain
of his published articles and the correspondence relating to them
which have not appeared elsewhere in this edition, and to
publish a volume of his social, political and literary writings.
Those responsible for this edition have been: Lord Kahn,
both as Lord Keynes's executor and as a long and intimate friend
of Lord Keynes, able to help in the interpreting of much that
would be otherwise misunderstood; the late Sir Roy Harrod as
the author of his biography; Austin Robinson as Keynes's
co-editor on the Economic Journal and. successor as Secretary of
the Royal Economic Society. Austin Robinson has acted
throughout as Managing Editor; Donald Moggridge is now
associated with him as Joint Managing Editor.
In the early stages of the work Elizabeth Johnson was assisted
by Jane Thistlethwaite, and by Mrs McDonald, who was
originally responsible for the systematic ordering of the files of
the Keynes papers. Judith Masterman for many years worked
with Mrs Johnson on the papers. More recently Susan Wilsher,
Margaret Butler and Leonora Woollam have continued the
secretarial work. Barbara Lowe has been responsible for the
indexing. Susan Howson undertook much of the important final
editorial work on the wartime volumes. Since 1977 Judith Allen
has been responsible for seeing the volumes through the press.

XI

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 EDITORIAL NOTE
This volume, the third of three concerned with Keynes's efforts
to shape the post-war world, focuses on relief and rehabilitation,
post-war commodity policy and employment policy.
The main sources for this volume are Keynes's surviving
papers, materials available in the Public Record Office, and the
papers of colleagues and friends. Where the material used has
come from the Public Record Office, the call numbers for the
relevant files appear in the List of Documents Reproduced
following page 502.
In this and the other wartime volumes, to aid the reader in
keeping track of the various personalities who pass through the
pages that follow, we have included brief biographical notes on
the first occasion on which they appear. These notes are
designed to be cumulative over the whole run of wartime
volumes.
In this, as in all the similar volumes, in general all of Keynes's
own writings are printed in larger type. All introductory matter
and all writings by other than Keynes are printed in small type.
The only exception to this general rule is that occasional short
quotations from a letter from Keynes to his parents or to a
friend, used in introductory passages to clarify a situation, are
treated as introductory matter and are printed in the smaller
type. Throughout, Keynes's footnotes are indicated by symbols,
while editorial footnotes are indicated by numbers.
Most of Keynes's letters included in this and other volumes
are reprinted from the carbon copies that remain among his
papers. In most cases he has added his initials to the carbon in
the familiar fashion in which he signed to all his friends. We
have no certain means of knowing whether the top copy, sent
to the recipient of the letter, carried a more formal signature.

Xlll

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 PARTI
SURPLUS, RELIEF AND
COMMODITY POLICY

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 Chapter i

SURPLUSES
Keynes's World War II involvement in the areas of relief and commodity
policy, in addition to its links with the Article VII discussions and other
proposals for post-war Europe, had its origins in British concerns about
export surpluses.
These surpluses arose for two main reasons: the disruption of pre-war
channels of trade by the war and ensuing blockade of enemy countries and
the desire, for economic warfare reasons, to deny the enemy access to supplies
of strategic materials. As a result of early attempts to buoy up primary
exporters' positions and to deny the enemy supplies, Britain acquired titles
to large stocks of primary commodities, Australian wool and Egyptian cotton
to name only two, and faced the need to evolve a longer-term policy. On
19 July 1940 the Economic Policy Committee of the War Cabinet set up a
Ministerial Sub-Committee on Export Surpluses' to report what steps, such
as restriction of production, purchase and storage, destruction, etc., should
be taken to deal with surpluses in producing countries of commodities which
should be denied to the enemy by our blockade' The Sub-Committee's
brief was further influenced by a statement by the Prime Minister in the
Commons on 20 August which reiterated the arguments for continuing the
blockade and committed Britain to a policy of building up stocks of food
and raw materials for post-war relief purposes.
On 9 September the Ministerial Sub-Committee set up an official
sub-committee to carry out its task. This sub-committee after surveying the
situation recommended that Britain should purchase, with or without
American help, £200 million in surplus commodities, linking the purchases
with the goal of restricting or regulating future production. With the
acceptance of this recommendation, Sir Frederick Leith-Ross was appointed
on 9 November to co-ordinate and undertake the necessary negotiations.
Keynes became the Treasury representative on the official committee set up
at the same time to advise Leith-Ross.
Keynes had already been involved in some discussions on the surpluses
issue the previous July, when he suggested that the authorities buy
commodities above current requirements in countries willing to accept
sterling under payments agreements and possibly re-sell the surplus in the
dollar area to gain funds to cover current expenditures, thus gaining current
dollars at the cost of future sterling liabilities which might subsequently be

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 SURPLUS, RELIEF AND COMMODITY POLICY
exchanged for assets such as Argentine railways. When the Board of Trade,
however, made such a proposal a month later, Keynes minuted.

To S. D. WALEY, 2Q August l<)40

I should be surprised if this comes off. But there is just enough

in it (e.g. in the case of Brazil) for there to be no need to
discourage it.
But the main point to get into his [the Board of Trade official
concerned] head seems to me to be that what we are likely to
do anyhow within the sterling area may easily be more than a
50% share of the world requirements. Thus the right line of
approach to U.S.A. (if and when it becomes prudent to
approach them at all) is that all purchases of surpluses throughout
the world should be shared with U.S.A. as the predominant
partner (e.g. 75% to them, 25% to us). The possible gain to
us of something on this basis is on an altogether greater scale
than his suggested gadget.

There matters remained until November, beyond attempts to keep South

American countries sufficiently supplied with sterling through sales of
commodities to meet their current obligations. However, after the presidential
election in the United States, Whitehall returned to the consideration of a
suggestion from the Ambassador in Washington that Britain approach the
Americans on the global problem of surpluses. Through S. D. Waley,
Keynes obtained a copy of the draft telegram giving Whitehall's views. When
he saw it he minuted.

To s. D. WALEY, 25 November 1Q40

I do not feel at all enthusiastic about this draft cable. It makes

it all seem so boring. If we really want to get U.S.A. in, we ought
to make it seem more interesting and of real significance to the
world as a whole. As it is, we are simply appearing as suppliants
pleading with them once more to give us financial assistance and
to pull chestnuts out of the fire. On my view of the matter that

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of use, available at https://www.cambridge.org/core/terms. https://doi.org/10.1017/UPO9781139524216.003
 SURPLUSES
is not at all a correct view of the situation. If this is anything
at all it is a world scheme of the greatest possible post-war
significance, which the United States, if they understood it,
would want to be very much in at the front row.
To achieve what I really want, the whole thing would have
to be re-drafted and only after some general discussion. Mean-
while, paragraph 4 is particularly feeble, and I suggest for that
the following redraft:
'With reference to paragraph 3 of your telegram, we recognise
the political difficulties of the Administration in helping with
international surpluses unless the scheme covers in some way
or another their own surpluses. Obviously it is not within our
power to incur any net dollar expenditure. But a general scheme
in which the two Governments co-operate in all parts of the world
will enable us to take our appropriate part in both the American
continents without incurring any net dollar liability, our liabil-
ities there being offset by United States Government's liabil-
ities elsewhere. We believe that a suitable scheme of financial
co-operation is feasible if the interest of the United States
Administration can be secured for the principles underlying the
scheme as a whole, but it would be premature to develop them
in any detail at this stage.' r ,..„,,
J
° [copy initialled] J.M.K.
The telegram went off as amended by Keynes.

Just after Keynes saw the telegram, Sir Frederick Leith-Ross had sent
him a draft outlining his ideas on the subject of surpluses as a preliminary
to an approach to the Americans on the subject. Leith-Ross suggested that
a surplus policy should have three objectives: the provision of supplies for
post-war relief, the relief of producers whose markets had been disrupted
by the war, and the regulation of production to avoid the recurrence of
surpluses during the rest of the war and the creation of post-war imbalances.
He then suggested Anglo-American co-operation to encourage, largely
through financial assistance to the producers involved, the accumulation and
storage of stocks for future sale to European relief agencies, while limiting

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 SURPLUS, RELIEF AND COMMODITY POLICY
production. On reading the proposals, and after attempting to telephone
Leith-Ross, Keynes wrote the following letter.

To SIR FREDERICK LEITH-ROSS, 23 November ig4o

My dear Leith-Ross,
Surpluses
I have not been able to get you on the telephone this
afternoon, but have given a message to your secretary. However,
perhaps I had better confirm what I said to her in a brief note.
I think your outline of policy quite excellent and have no
criticisms whatever to make on the substance. I quite agree that
the next step is to approach the U.S.A. I saw, a day or two ago,
a draft cable which did not strike me as particularly happy-
nothing like as good as your outline of policy. This draft cable
had the faults, in my opinion, of being at the same time boring
and producing the impression that we were suppliants of some
kind trying to get something out of U.S.A. and make them pull
out the chestnuts for us.
The chief thing, it seems to me, is to get the State Department
and others concerned really interested. With this object, I
suggest that perhaps the objectives of our policy as outlined on
your first page might be amplified a bit. But that is my only
suggestion. v
eo
Yours ever,
[copy initialled] J.M.K.

Keynes missed the first meeting of Leith-Ross's Committee on 6 December,

which discussed a revision of the draft he had already commented on.
However, he did comment by letter, giving rise to a further exchange.

To SIR FREDERICK LEITH-ROSS, / / December 1940

My dear Leith-Ross,
I was very disappointed not to get to the first Committee on
Export Surpluses last Friday. But I was called down to the
Board-room exactly at that hour.
6

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