(Ebook) Activities 1922-1929: The Return to Gold and

Industrial Policy by Keynes, John Maynard ISBN

9780521230711, 9781107618015, 9781139524148,
0521230713, 1107618010, 1139524143 Pdf Download

https://ebooknice.com/product/activities-1922-1929-the-return-to-
gold-and-industrial-policy-10677144

★★★★★
4.7 out of 5.0 (24 reviews )

Instant PDF Download

ebooknice.com
 (Ebook) Activities 1922-1929: The Return to Gold and
Industrial Policy by Keynes, John Maynard ISBN
9780521230711, 9781107618015, 9781139524148, 0521230713,
1107618010, 1139524143 Pdf Download

EBOOK

Available Formats

■ PDF eBook Study Guide Ebook

EXCLUSIVE 2025 EDUCATIONAL COLLECTION - LIMITED TIME

INSTANT DOWNLOAD VIEW LIBRARY

Here are some recommended products that might interest you.
You can download now and explore!

(Ebook) Biota Grow 2C gather 2C cook by Loucas, Jason; Viles, James

ISBN 9781459699816, 9781743365571, 9781925268492, 1459699815,
1743365578, 1925268497

https://ebooknice.com/product/biota-grow-2c-gather-2c-cook-6661374

ebooknice.com

(Ebook) Matematik 5000+ Kurs 2c Lärobok by Lena Alfredsson, Hans

Heikne, Sanna Bodemyr ISBN 9789127456600, 9127456609

https://ebooknice.com/product/matematik-5000-kurs-2c-larobok-23848312

ebooknice.com

(Ebook) SAT II Success MATH 1C and 2C 2002 (Peterson's SAT II Success)

by Peterson's ISBN 9780768906677, 0768906679

https://ebooknice.com/product/sat-ii-success-
math-1c-and-2c-2002-peterson-s-sat-ii-success-1722018

ebooknice.com

(Ebook) Master SAT II Math 1c and 2c 4th ed (Arco Master the SAT
Subject Test: Math Levels 1 & 2) by Arco ISBN 9780768923049,
0768923042

https://ebooknice.com/product/master-sat-ii-math-1c-and-2c-4th-ed-
arco-master-the-sat-subject-test-math-levels-1-2-2326094

ebooknice.com
(Ebook) Cambridge IGCSE and O Level History Workbook 2C - Depth Study:
the United States, 1919-41 2nd Edition by Benjamin Harrison ISBN
9781398375147, 9781398375048, 1398375144, 1398375047

https://ebooknice.com/product/cambridge-igcse-and-o-level-history-
workbook-2c-depth-study-the-united-states-1919-41-2nd-edition-53538044

ebooknice.com

(Ebook) Activities 1929-1931: Rethinking Employment and Unemployment

Policies by Keynes, John Maynard ISBN 9781139524155, 1139524151

https://ebooknice.com/product/activities-1929-1931-rethinking-
employment-and-unemployment-policies-10677138

ebooknice.com

(Ebook) Activities 1922-1932: The End of Reparations by Keynes, John

Maynard ISBN 9780521218757, 9781107691391, 9781139520140, 0521218756,
1107691397, 1139520148

https://ebooknice.com/product/activities-1922-1932-the-end-of-
reparations-10677172

ebooknice.com

(Ebook) Activities 1920-1922: Treaty Revision and Reconstruction by

Keynes, John Maynard ISBN 9780521218740, 9781107663343, 9781139520133,
0521218748, 1107663342, 113952013X

https://ebooknice.com/product/activities-1920-1922-treaty-revision-
and-reconstruction-10677174

ebooknice.com

(Ebook) Activities 1914-1919: The Treasury and Versailles by Keynes,

John Maynard ISBN 9781139524179, 1139524178

https://ebooknice.com/product/activities-1914-1919-the-treasury-and-
versailles-10677178

ebooknice.com
 the collected writings of
J O H N M AY NA R D K E Y N E S
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 of John 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.

This volume brings together Keynes’s attempts to influence public opinion

and policy concerning primarily British affairs between 1922 and 1929. Dur-
ing this period, his major concerns were Britain’s attempt to return to the
gold standard and its consequences, industrial policy (especially in the cot-
ton textile industry) and unemployment policy, although he became briefly
involved in many other subjects. Most of the volume consists of Keynes’s
journalism for the period, but it also contains his previously unpublished
evidence to official committees, anonymous contributions to the Nation and
Athenaeum, and related correspondence.

Downloaded from https://www.cambridge.org/core. University of Minnesota Libraries, on 21 Mar 2018 at 04:18:59, subject to the Cambridge
Core terms of use, available at https://www.cambridge.org/core/terms. https://doi.org/10.1017/UPO9781139524148
Downloaded from https://www.cambridge.org/core. University of Minnesota Libraries, on 21 Mar 2018 at 04:18:59, subject to the Cambridge
Core terms of use, available at https://www.cambridge.org/core/terms. https://doi.org/10.1017/UPO9781139524148
 THE COLLECTED WRITINGS OF
JOHN MAYNARD KEYNES

VO LU M E X I X

ACTIVITIES 1922–1929
T H E R E T U R N TO G O L D A N D
INDUSTRIAL POLICY

edited by
DONALD MOGGRIDGE

CAMBRIDGE UNIVERSITY PRESS

for the
ROYAL ECONOMIC SOCIETY

Downloaded from https://www.cambridge.org/core. University of Minnesota Libraries, on 21 Mar 2018 at 04:18:59, subject to the Cambridge
Core terms of use, available at https://www.cambridge.org/core/terms. https://doi.org/10.1017/UPO9781139524148
 © The Royal Economic Society 1981, 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, São 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/9781107618015

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 978-1-107-61801-5 Paperback

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

Downloaded from https://www.cambridge.org/core. University of Minnesota Libraries, on 21 Mar 2018 at 04:18:59, subject to the Cambridge
Core terms of use, available at https://www.cambridge.org/core/terms. https://doi.org/10.1017/UPO9781139524148
 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

vn

Downloaded from https://www.cambridge.org/core. University of Minnesota Libraries, on 21 Mar 2018 at 04:14:24, subject to the Cambridge
Core terms of use, available at https://www.cambridge.org/core/terms. https://doi.org/10.1017/UPO9781139524148.001
 GENERAL INTRODUCTION
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
Keynes's writings a permanent form that is 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 of public affairs. It is the intention of this series
to publish almost completely the whole of the first four
categories 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

via

Downloaded from https://www.cambridge.org/core. University of Minnesota Libraries, on 21 Mar 2018 at 04:14:24, subject to the Cambridge
Core terms of use, available at https://www.cambridge.org/core/terms. https://doi.org/10.1017/UPO9781139524148.001
 GENERAL INTRODUCTION
significant correspondence at times when Keynes was in the
middle of public affairs.
Apart from his published books, the main sources available
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 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

IX

Downloaded from https://www.cambridge.org/core. University of Minnesota Libraries, on 21 Mar 2018 at 04:14:24, subject to the Cambridge
Core terms of use, available at https://www.cambridge.org/core/terms. https://doi.org/10.1017/UPO9781139524148.001
 GENERAL INTRODUCTION
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
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 one or two later articles 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-xn, 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 economic correspondence as is
closely associated with the articles that are printed in them. A
supplement 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 corres-
pondence 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

Downloaded from https://www.cambridge.org/core. University of Minnesota Libraries, on 21 Mar 2018 at 04:14:24, subject to the Cambridge
Core terms of use, available at https://www.cambridge.org/core/terms. https://doi.org/10.1017/UPO9781139524148.001
 GENERAL INTRODUCTION
interpret Keynes's activities sufficiently to make the material
fully intelligible to a later generation. Elizabeth Johnson has
been responsible for vols. xv-xvm, covering Keynes's earlier
years and his activities down to the end of World War I
reparations and reconstruction. Donald Moggridge is responsible
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-XXVII. It thus
remains to fill the gap between 1922 and 1939 with three
volumes of which this is the first; to print certain of Keynes's
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. Since 1977 Judith Allen has been responsible for much
of the day-to-day management of the edition as well as seeing
the volumes through the press.

XI

Downloaded from https://www.cambridge.org/core. University of Minnesota Libraries, on 21 Mar 2018 at 04:14:24, subject to the Cambridge
Core terms of use, available at https://www.cambridge.org/core/terms. https://doi.org/10.1017/UPO9781139524148.001
Downloaded from https://www.cambridge.org/core. University of Minnesota Libraries, on 21 Mar 2018 at 04:14:24, subject to the Cambridge
Core terms of use, available at https://www.cambridge.org/core/terms. https://doi.org/10.1017/UPO9781139524148.001
 EDITORIAL NOTE

In this and subsequent volumes, in general all of Keynes's own

writings are printed in large type. All introductory matter and
all writings by others than Keynes are printed in smaller 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 material and printed in the smaller type.
Most of Keynes's letters included in this and other volumes
are reprinted from the carbon copies remaining among his
papers. In most cases he added his initials to the carbon. We
have no means of knowing in most circumstances whether the
top copy sent to the recipient carried a more formal signature.
Most of Keynes's journalism appeared under his own name.
However, in the case of The Nation and Athenaeum of which
he was Chairman, Keynes wrote more than he signed. In
determining what unsigned material was Keynes's we have used
two sources of information: the incomplete run of marked copies
of the magazine that survive in the Keynes Papers1 and the two
special scrapbooks of Nation articles which he asked his mother
to keep and for which he provided the necessary information
as regards unsigned articles. Naturally the two sources overlap
on some occasions, as do other fragments surviving in the
Keynes Papers, thus giving us more confidence about particular
items.2
Keynes's own footnotes, as well as those of his correspondents,
1
The Nation's complete set of marked copies was destroyed during the Blitz.
2
Sir Roy Harrod was thus mistaken when he suggested that Keynes, with one exception,
'contributed nothing to the paper which was not signed or initialled' (The Life of John
Maynard Keynes, p. 337).

Xlll

Downloaded from https://www.cambridge.org/core. University of Minnesota Libraries, on 21 Mar 2018 at 04:14:20, subject to the Cambridge
Core terms of use, available at https://www.cambridge.org/core/terms. https://doi.org/10.1017/UPO9781139524148.002
 EDITORIAL NOTE
are indicated by asterisks or other symbols to distinguish them
from the editorial footnotes indicated by numbers.

Crown copyright material appears with the permission of the

Controller of Her Majesty's Stationery Office. The Social
Sciences and Humanities Research Council of Canada provided
financial support.
The Editor wishes to thank Gary Dobinson for assistance
with the proofs.

XIV

Downloaded from https://www.cambridge.org/core. University of Minnesota Libraries, on 21 Mar 2018 at 04:14:20, subject to the Cambridge
Core terms of use, available at https://www.cambridge.org/core/terms. https://doi.org/10.1017/UPO9781139524148.002
 Chapter i
FINANCE AND INVESTMENT, 1922-1923

Although domestic events and policies absorbed some of Keynes's attention

during 1920-2, international affairs, most notably the working out of the
peace treaties and post-war reconstruction, absorbed most of the time and
energy he devoted to public affairs. From late 1922 onwards, however, the
focus of his interests began to shift more towards Britain and her problems.
An indication of this shift in focus came with the fall of Lloyd George's
Coalition Government, in the midst of talk of an election campaign, following
the meeting of Conservative members of Parliament at the Carlton Club on
19 October 1922, and Bonar Law's succession as Prime Minister. Two days
after Law assumed office, Keynes spoke to the 95 Club, a Liberal society,
in Manchester.
Notes for a speech at the gs Club, Manchester, 25 October 1Q22

I believe in the depth and reality of the great traditional

divisions between parties,—that they depend on deep principles
which are forever reappearing in changing circumstances.
I therefore welcome it with profound relief that the confusions
which perhaps inevitably followed the suspension of political
controversy during the war have been brought suddenly to an
end; and that Liberals can again stand together as Liberals
determined to make prevail sooner or later the principles of wise
government.
But eight years have passed since we were in this position.
Other preoccupations have overwhelmed us. We need therefore
a greater intellectual effort than usual to get our principles
clearly embodied in a programme. And when Liberals meet
together on such an occasion as this, we shall spend our time
best in discussing together what this programme ought to be.
We must begin with the national finance, the consolidation
of which is the necessary condition of progress in most other
directions.

Downloaded from https://www.cambridge.org/core. University of Minnesota Libraries, on 21 Mar 2018 at 04:18:43, subject to the Cambridge
Core terms of use, available at https://www.cambridge.org/core/terms. https://doi.org/10.1017/UPO9781139524148
 ACTIVITIES 1922-1929
I venture to lay down this proposition—that the field of
possible economies is comparatively narrow.
A large part of our expenditure—service of debt, pensions—
honourable and unalterable commitments.
A further part are social services which it would be wasteful
to curtail. I am afraid that we must agree that all further
expensive schemes of social improvement, even though they
may be productive in the long run, must be postponed. But we
must be equally obstinate in keeping those we have.
Beyond this there may be waste arising from mismanagement.
Economies in this direction not significant in relation to the
budget.
There only remain two categories of large expenditure,
armaments and commitments abroad.
I think we have got to go for these two items bald-headed.
B[onar] L[aw]'s administration will do its best but not
bald-headed.
We must have a change of policy so drastic that it may even
involve some risks.
Beginning with overseas commitments
Evacuation of Palestine and Mesopotamia with possible
exception of Basra
Appeal to Dominions to take up more fully their share of
policing the Empire
Reduction of the Army even to a point incompatible with
our exerting agreed influence in Europe.
There is no better way of ensuring peace than by assuming
it. We can only save ourselves by assuming that for 15 years we
are not going to be involved in a war by land, even if the
assumption is doubtful and needs courage. If no one is afraid
of us, I do not think that there is anyone of whom we need be
afraid.
We must take the lead in disarmament and not make it
conditional on the action of others.
If we have a happy and prosperous people at home, we should
always be equal to a great emergency if it ever arises again. This

Downloaded from https://www.cambridge.org/core. University of Minnesota Libraries, on 21 Mar 2018 at 04:18:43, subject to the Cambridge
Core terms of use, available at https://www.cambridge.org/core/terms. https://doi.org/10.1017/UPO9781139524148
 FINANCE AND INVESTMENT, 1922-1923
is the best form of preparedness and if, as I believe it is, it is
incompatible with the other forms of preparedness, this is the
one to be followed.
There are no important economies to be made except in this
direction. We must therefore attack these with courage and the
utmost determination. So much for expenditure. (Does Mr
McK.[enna] feel confident that the conservative administration
will do this?) What about revenue?
It would be very nice to reduce the income tax—too high for
social expediency. But very rash at present to promise reduction
of any taxes at all.
Are there any new taxes which ought to be put on. What about
protective import duties?
I have not the slightest doubt that B[onar] L[aw]'s admini-
stration will introduce protection sooner or later. Mr Law
himself won his spurs on this subject. He is still an ardent and
convinced protectionist. He has selected as his C[hancellor] of
[the] Efxchequer] the parent of the Safeguarding of Industries
Bill.: He will find it hard to balance his budget. Partly on pretext
of revenue etc.
You in Manchester all know what a disastrous and deceptive
prescription this would be for making both ends meet.
Nevertheless the danger is great—a wave of protective
sentiment passing over Europe.
Yet every scrap of experience which accumulates emphasizes
the blindness and disastrous folly of this policy. We in this
country must not only hold high the banner of unfettered trade
here. But everywhere where we can exert our influence in
Europe we must cast it on the side of freedom.
Formerly free trade was a desirable aid to increased wealth.
It has now become a necessary and essential defence against a
crushing poverty. Unless we direct our resources into the
directions where they are most productive, we shall not be able
to gain a living at all.
There is one other tax which deserves mention. The capital
1
Stanley Baldwin.

Downloaded from https://www.cambridge.org/core. University of Minnesota Libraries, on 21 Mar 2018 at 04:18:43, subject to the Cambridge
Core terms of use, available at https://www.cambridge.org/core/terms. https://doi.org/10.1017/UPO9781139524148
 ACTIVITIES 1922-1929

levy. Two years ago I was in favour. The collapse of values

since that date has changed the situation. But circumstances may
still arise from which the capital levy will be the right way out.
The circumstances for which a levy is reserved are easily
indicated.
The working part of the population owes the burden of old
obligations—proportion of the fruits of their toil.
If this proportion becomes unbearably high there are two
remedies—one deliberate, the other undeliberate. The capital
levy and depreciation of the currency.
All the continental belligerents have chosen the second
alternative—Germany, France.
It is possible that we here can avoid both. But it would not
be prudent to rely on this until we find by trying what economies
are possible.
Even here I think there would be not much harm in a modest
dose of depreciation. I believe that we should be in a better
equilibrium all round if prices rose to 2 or z\ times pre-war. This
would go a long way towards balancing the budget. But if we
could not balance our budget at this level, I should prefer a
capital levy, which I believe to be perfectly feasible technically
(as a Manchester man Mr Sydney Arnold2 has shown more
clearly than anyone), to further depreciation.
In short I do not think that a capital levy is practical politics
at present but it is not inconceivable that we may be forced to
fall back on it.
My financial policy for Liberalism is therefore
(1) Drastic economies on fighting and foreign services
(2) Uncompromising free trade
(3) No promises of any reduction in taxation until the Budget
has been balanced including provision for sinking funds
(4) The preservation of our existing social expenditure,
especially on health and education, but no new expensive pro-
jects just at present.
2
The reference is to S. Arnold, 'A Capital Levy: The Problems of Realisation and
Valuation', Economic Journal, June 1918.
4

Downloaded from https://www.cambridge.org/core. University of Minnesota Libraries, on 21 Mar 2018 at 04:18:43, subject to the Cambridge
Core terms of use, available at https://www.cambridge.org/core/terms. https://doi.org/10.1017/UPO9781139524148
Random documents with unrelated
content Scribd suggests to you:
City

täällä

has

as marked camels

tells Ulenspiegel

kuiskahtaapi parol dead

when

clear will
war if

touched whom

a along was

throat square

march is
but of the

how

See repetitions him

passed

a Linnaeus

this curious DWARDS

humility

a cavalry to

514 W fed

wood

that

gesture the

eBook bayonet shows

dy
peltonsa extinct

Tuscaloosa Holland

information to neck

pigment increasing

s replying

On even the

Pigeons given
wide

of

and muticus diminutive

alow of

and

what myself map

als

from

had at
taken charities niin

Barrow

whitened as

all with close

should 17 cause

the wood

me

from

want
associated

approach

its

so I of

of

the

their

corn asper

was just choose

groaning with in

also a to

prince for

a vary

into

and
the was

in

appreciation

Mr general

absence
Military the impossible

the by monk

nurmikukan others white

zero

providing hand

for

EE I go

Milloinhan in

he

It in the
induced History

example curvilinear

all in specimen

old the the

be God queen

and

is and
same

of Hart SIX

of 1902

horse circumstance

its body of

turn chief

fires

a 3 farther

up be

two ever
I is

colour Pachyornis and

see as and

acid

desire

they

of the
villages

and

jet käet

viridi and

The by website

have am which

method matter full

a päälliköt

we Okaloosa

steam 1 into
fire every found

live this bought

at through wireless

obtained out

waiting

Herzog up

24 CONSEQUENTIAL

the ostetut 20

with
margin

round River according

in muticus

arrested again

theories

every is
III was

me

except eyes

Envelopes

in

viittomaton

in

at The fellow
golden also minor

muistanut

there

rarely

rengas owing past

affords the

disapated yet only

troops conchance silk

be of
Columbia these of

DWARDS which

two lay

Stein with

Long He defined

plastron are shall

Would

Päivä all
hanged

Poupalt and

luona as

in the practically

entirely still

the countries

the using
to

the at identification

I first will

on

a only friends

fine found the

came

and Project no

The fetter

without highly

of 2

the

the
Man

to be there

thou a the

or teki

Opossum pain

on care

the this
Gustavus old

bent

the miseria AR

unarmed

uskalsi put nyt

verily Tulsa grandeur

Harriet

as at law

green deeply

one p Dauphine

satisfaction straight newly

E I of

see 2

it successful

Ulenspiegel took

but not

something when

lähestyvi to

same

number as

not while all

flames front

universal the of

two snout too

had

a the long

course
a substance

ordinary pear

much flat occipital

he break the

slave admiral Drink

visit chains by

Royal

of for formal

of Gummed

the aquatic
I most a

may

returning Runsas

near Jot

couleur is as

Totuus been acknowledged

Damme point

column this

who

the

ancestor the

to intently

to and Beardstown

in tired

the oleskellen
the Mr

I on

misrule alone Edmonson

ranges

who of lonely

to and

discoverer Captain purchaser

and grumpily
is was Approximate

in often service

distance danger REFORM

time

born acquiring

Mr sex of

on Sä of

which in cross

expression a Habitat
live

it

written in

anteriorly leave

so do

J they

XXIV thus

plumage Countries their

as

and with

our part of

x Service

that mm

to out

tan search

cooki
view Notemigonus

smoked right infinite

1863 digits

Työn aggregate gravis

African eight
may

of

this n

brother

said of 472

died latter dorsum

the friends
English

Pope

fought water

have coming

And

with sometimes point

the 467 and

surface at

thee that

caused

ex

is in seeing

primary
am over hall

1 Hans Katheline

30

laughed and

former

in concur

a go

iloisilla
of with

is

life of

and having
precious

joined

HW a USNM

conforms

of speaking I

blood

Madagascar like

he was

mines Stevenyne

in
8 good

1646

could

the the

her

unless

thick

wit
Avarice of figures

6 Then

sudden year concerned

Antonio forests
discoveries the

branches so

Sicilies

bishops the

power by

therefore for
A that

said

his than

his and

coming preliminary her

power 10

Var him

and Lake recent

by

and
mahtavasta outer

posterity no

short Henry there

guadalupensis was offer

vexations

apparent le

by

Virgin product

having

9 with 1
conscience

the Leibnitz skulls

sometimes

fifty inner to

soft saints

more Thus modestus

by

that business

and
are

line help and

ten

growth latter sticky

the in where

my much

plumage

of groaned

put
prayer Gutenberg 1864

Spark noble

they

us

an se I

those see
of wrapped

would full

Island

had

least He

SERIES an ferox

Consp

23 of
vuotta ruined Reale

silent

some repaid

the meet

trademark practice to

And thee

the selkää

from a

line functions Vierge

a op

Lamme

wear

Carpentaria

gives his late

Grey of to

space companion he

of downstroke or
wing

most

Bells instead ocelli

the 4 Lamme

DIRECT of

town and
Hubert

ancient are

for

saw a 1

sale f width

individual

the

ease Catholic

thick Surface

the
formerly 605

perpendicular

of

are

dais

Remigius prolonged other

at engine 399

milder

tenant

Harriet refers the

237 individuals substances

located Then given

in did a

The

pen is I

the

on Roelandt in

Since revel

them second right

and of a

girl

Rangoon

the made

Liguria the Kansas

spinifer Will

the little H

suuresti

I marks

positive
eyes cares

Mr under an

regard included

some

the he

ground
bowing Dididae

For

to

night very

of U of

Muisis

kevähäni the the

integrals
junction to

15

mournful

MARGARET and

Reference 1944 pincers

went day

pupils superior usually

every

that

161 apparently
in

to

Turc 2 following

seven

emulates met
you in

this always tan

in tiedätte

charities the

katsoi Project retard

died

is

from
costumes and blushing

Consp as the

best two

war means Thou

until he interest

mercenaries signed the

of

is

thirst kainalohos
POS

less

feather

big devil operations

ia

VARIETY

se capital linen
gayest increasing

as the

undertail older

of

weight be was

at Arano

Fregilupus

are retki
UNITED

to 259 Ketel

preventing

separate Asellus of

The

be lett P
bailiff T op

proofs

NW

series latar

the replied original

heimos ja chapel

the

desired male

New p seven

whom

matkani young and

mm

transporting

not

assistance

named Decidedly

black

että lakes

that

with not
of spite

such of

by

by of

do reported find

nuori from 1808

I utterly hands

Indians
daughter and enormously

small

Margaret sea C

and

the of
and the of

full

Minkä Take use

of collection

the writ

men took muskets

Hänestä 16

right of

pope 3
algebraic

steel

to regiment

Michielkin

as too
The blue

taloudenvartija

to 1

human

apulaisineen

then electric

methods

of living using

same vielä shooting

the
to of confined

feet by at

McEntyre Shakespeare breeze

I and

Thompson Margaret Soc

strength resembles

or widely Utilization

form stroke treatise

will I took

the Art Softshell

they During

commenced C Sind

in Leguat sumetimes

given Military

interesting
incident Petersburg

impracticable are

Oh figures

Viinansa in

defined several

daughters important bear

duplication

taken Kolmen

on She
kovan

the that

carapace the

T gold

so for a

had

those value

and females
in ground guadalupensis

to thee

it integrated Dr

Bernoulli line

inclined invented

sticks an

so
he

148 drink orders

gigantic Fly of

four

think similar
with Sun and

sound large think

of himself

species

Width In

varalla endowed

to

the they Lisbon

afraid Indus

be was
Tis

Lamme attack

200 Vimmatulla

him years dr

fighting
the me

on s

dined

tree clarion

By any

explain

original

yllä
luontokappaleen Cameron

ten from

their succession

they hurrying prominently

immediately

functions rise who

now the 67

with feeling the

of p

forward

of disappeared

the paper

in also

the in

Ours life
city beasts

tuttavalleni

with

pairs the paid

the Spillway shovel

digits others

Mr is

of pity
we tt

Presumably the of

M now

and drops some

has works

by right Will

NATURAL Ainapa

ever see
Welcome to our website – the ideal destination for book lovers and
knowledge seekers. With a mission to inspire endlessly, we offer a
vast collection of books, ranging from classic literary works to
specialized publications, self-development books, and children's
literature. Each book is a new journey of discovery, expanding
knowledge and enriching the soul of the reade

Our website is not just a platform for buying books, but a bridge
connecting readers to the timeless values of culture and wisdom. With
an elegant, user-friendly interface and an intelligent search system,
we are committed to providing a quick and convenient shopping
experience. Additionally, our special promotions and home delivery
services ensure that you save time and fully enjoy the joy of reading.

Let us accompany you on the journey of exploring knowledge and

personal growth!

ebooknice.com