100% found this document useful (2 votes)
14 views105 pages

Activities 1931 1939 World Crises and Policies in Britain and America 2nd Ed. Edition Keynes Complete Edition

The document discusses the second edition of 'Activities 1931-1939: World Crises and Policies in Britain and America' by John Maynard Keynes, which is part of his collected writings. It highlights Keynes's influence on economic thought and public policy during the interwar period, covering topics such as the New Deal and Britain's rearmament. The edition aims to provide a comprehensive collection of Keynes's works, including his journalism and correspondence related to economic issues of the time.

Uploaded by

keniasigl2824
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
100% found this document useful (2 votes)
14 views105 pages

Activities 1931 1939 World Crises and Policies in Britain and America 2nd Ed. Edition Keynes Complete Edition

The document discusses the second edition of 'Activities 1931-1939: World Crises and Policies in Britain and America' by John Maynard Keynes, which is part of his collected writings. It highlights Keynes's influence on economic thought and public policy during the interwar period, covering topics such as the New Deal and Britain's rearmament. The edition aims to provide a comprehensive collection of Keynes's works, including his journalism and correspondence related to economic issues of the time.

Uploaded by

keniasigl2824
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 105

Activities 1931 1939 World Crises and Policies in

Britain and America 2nd ed. Edition Keynes digital


version 2025

https://ebookfinal.com/download/activities-1931-1939-world-crises-
and-policies-in-britain-and-america-2nd-ed-edition-keynes/

★★★★★
4.8 out of 5.0 (44 reviews )

PDF Available Immediately

ebookfinal.com
Activities 1931 1939 World Crises and Policies in Britain
and America 2nd ed. Edition Keynes Pdf Download

EBOOK

Available Formats

■ PDF eBook Study Guide Ebook

EXCLUSIVE 2025 ACADEMIC EDITION – LIMITED RELEASE

Available Instantly Access Library


We have selected some products that you may be interested in
Click the link to download now or visit ebookfinal.com
for more options!.

Activities 1914 1919 The Treasury and Versailles 2nd ed.


Edition Keynes

https://ebookfinal.com/download/activities-1914-1919-the-treasury-and-
versailles-2nd-ed-edition-keynes/

Activities 1940 1943 External War Finance 2nd ed. Edition


Keynes

https://ebookfinal.com/download/activities-1940-1943-external-war-
finance-2nd-ed-edition-keynes/

Indian Currency and Finance 2nd ed. Edition Keynes

https://ebookfinal.com/download/indian-currency-and-finance-2nd-ed-
edition-keynes/

Sports in America 1920 to 1939 2nd Edition James

https://ebookfinal.com/download/sports-in-america-1920-to-1939-2nd-
edition-james/
Economic Articles and Correspondence Academic 2nd ed.
Edition Keynes

https://ebookfinal.com/download/economic-articles-and-correspondence-
academic-2nd-ed-edition-keynes/

Economic Articles and Correspondence Investment and


Editorial 2nd ed. Edition Keynes

https://ebookfinal.com/download/economic-articles-and-correspondence-
investment-and-editorial-2nd-ed-edition-keynes/

The General Theory and After A Supplement 2nd ed. Edition


Keynes

https://ebookfinal.com/download/the-general-theory-and-after-a-
supplement-2nd-ed-edition-keynes/

Empires of the Atlantic World Britain and Spain in America


1492 1830 Prof. John H. Elliott Fba

https://ebookfinal.com/download/empires-of-the-atlantic-world-britain-
and-spain-in-america-1492-1830-prof-john-h-elliott-fba/

The Moss Flora of Britain and Ireland 2nd ed Edition Smith

https://ebookfinal.com/download/the-moss-flora-of-britain-and-
ireland-2nd-ed-edition-smith/
Activities 1931 1939 World Crises and Policies in Britain
and America 2nd ed. Edition Keynes Digital Instant
Download
Author(s): Keynes, John Maynard
ISBN(s): 9781139524209, 1139524208
Edition: 2nd ed.
File Details: PDF, 28.87 MB
Year: 2012
Language: english
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.

This volume brings together Keynes's attempts to influence the development


of public opinion and public policy between September 1931 and the out-
break of World War II. It contains his journalism, his memoranda and letters
to Ministers and committees of the Economic Advisory Council and related
correspondence. The issues covered include the management of sterling,
Britain's recovery policies, the New Deal, the World Economic Conference
of 1933, Britain's rearmament and preparations for war, and the recession of
1937—8 and policies to combat it. As such, it is a companion to the volumes
dealing with the development of his more formal economic theories during
these years, most notably in The General Theory of Employment, Interest and
Money.

Downloaded from https://www.cambridge.org/core. Law Library, Osgoode Hall Law School, York University, on 21 Mar 2018 at 03:52:59,
subject to the Cambridge Core terms of use, available at https://www.cambridge.org/core/terms. https://doi.org/10.1017/UPO9781139524209
JMK and J. C. Smuts, World Economic Conference, 1933

Downloaded from https://www.cambridge.org/core. Law Library, Osgoode Hall Law School, York University, on 21 Mar 2018 at 03:52:59,
subject to the Cambridge Core terms of use, available at https://www.cambridge.org/core/terms. https://doi.org/10.1017/UPO9781139524209
THE COLLECTED WRITINGS OF
JOHN MAYNARD KEYNES

VOLUME XXI

A C T I V I T I E S 1931-1939
WORLD CRISES AND POLICIES IN
BRITAIN AND AMERICA

EDITED BY

DONALD MOGGRIDGE

CAMBRIDGE UNIVERSITY PRESS


FOR THE

ROYAL ECONOMIC SOCIETY

Downloaded from https://www.cambridge.org/core. Law Library, Osgoode Hall Law School, York University, on 21 Mar 2018 at 03:52:59,
subject to the Cambridge Core terms of use, available at https://www.cambridge.org/core/terms. https://doi.org/10.1017/UPO9781139524209
© The Royal Economic Society 1982, 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/9781107650107

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 978-1-107-65010-7 Paperback


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

Downloaded from https://www.cambridge.org/core. Law Library, Osgoode Hall Law School, York University, on 21 Mar 2018 at 03:52:59,
subject to the Cambridge Core terms of use, available at https://www.cambridge.org/core/terms. https://doi.org/10.1017/UPO9781139524209
CONTENTS

General introduction page vii

Editorial note xiii

1 THE CURRENCY QUESTION I

2 CHEAP MONEY, WISE SPENDING AND THE


MEANS TO PROSPERITY 112

3 THE WORLD ECONOMIC CONFERENCE 203

4 THE NEW DEAL 289

5 THE LULL SURROUNDING THE GENERAL


THEORY 340

6 SLUMP AND REARMAMENT 383

7 TOWARDS WAR 484

List of Documents Reproduced 594

Acknowledgements 602

Index 603

Downloaded from https://www.cambridge.org/core. University of Minnesota Libraries, on 21 Mar 2018 at 03:56:58, subject to the Cambridge
Core terms of use, available at https://www.cambridge.org/core/terms. https://doi.org/10.1017/UPO9781139524209
Downloaded from https://www.cambridge.org/core. University of Minnesota Libraries, on 21 Mar 2018 at 03:56:58, subject to the Cambridge
Core terms of use, available at https://www.cambridge.org/core/terms. https://doi.org/10.1017/UPO9781139524209
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
vii

Downloaded from https:/www.cambridge.org/core. Eugene McDermott Library, University of Texas at Dallas, on 16 Apr 2017 at 23:02:07,
subject to the Cambridge Core terms of use, available at https:/www.cambridge.org/core/terms.
https://doi.org/10.1017/UPO9781139524209.001
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 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 writ-
ings. Fifth, there is correspondence with economists and those
concerned with economics or 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
viii

Downloaded from https:/www.cambridge.org/core. Eugene McDermott Library, University of Texas at Dallas, on 16 Apr 2017 at 23:02:07,
subject to the Cambridge Core terms of use, available at https:/www.cambridge.org/core/terms.
https://doi.org/10.1017/UPO9781139524209.001
GENERAL INTRODUCTION
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
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
IX

Downloaded from https:/www.cambridge.org/core. Eugene McDermott Library, University of Texas at Dallas, on 16 Apr 2017 at 23:02:07,
subject to the Cambridge Core terms of use, available at https:/www.cambridge.org/core/terms.
https://doi.org/10.1017/UPO9781139524209.001
GENERAL INTRODUCTION

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
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
collection of articles. Essays in Persuasion differs from the
original printing into 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 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 corre-
spondence as is necessary to the understanding of Keynes's
activities. These volumes are edited by Elizabeth Johnson and

Downloaded from https:/www.cambridge.org/core. Eugene McDermott Library, University of Texas at Dallas, on 16 Apr 2017 at 23:02:07,
subject to the Cambridge Core terms of use, available at https:/www.cambridge.org/core/terms.
https://doi.org/10.1017/UPO9781139524209.001
GENERAL INTRODUCTION
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-xvm, covering Keynes's earlier
years and his activities down to the end of World War I
reparations and reconstruction. Donald Moggridge is respon-
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 XXII-XXVII. It now
remains to fill the gap between 1922 and 1939 with three
volumes of which this is the third; 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. Eugene McDermott Library, University of Texas at Dallas, on 16 Apr 2017 at 23:02:07,
subject to the Cambridge Core terms of use, available at https:/www.cambridge.org/core/terms.
https://doi.org/10.1017/UPO9781139524209.001
Downloaded from https:/www.cambridge.org/core. Eugene McDermott Library, University of Texas at Dallas, on 16 Apr 2017 at 23:02:07,
subject to the Cambridge Core terms of use, available at https:/www.cambridge.org/core/terms.
https://doi.org/10.1017/UPO9781139524209.001
EDITORIAL NOTE

This volume is the third of three concerned with Keynes's


activities between 1922 and 1939. The sources for this volume
are Keynes's own surviving papers, material available in the
Public Record Office and the papers of colleagues and friends.
Where the material comes from the Public Record Office, the
call numbers for the relevant files appear in the List of
Documents Reproduced following page 594.
In this, as in all the similar volumes, in general all of Keynes's
own writings are printed in larger type. Keynes's own footnotes
are indicated by asterisks or other symbols to distinguish them
from the editorial footnotes. 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 matter and are printed in the smaller
type.
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

Downloaded from https:/www.cambridge.org/core. Eugene McDermott Library, University of Texas at Dallas, on 16 Apr 2017 at 23:02:11,
subject to the Cambridge Core terms of use, available at https:/www.cambridge.org/core/terms.
https://doi.org/10.1017/UPO9781139524209.002
Downloaded from https:/www.cambridge.org/core. Eugene McDermott Library, University of Texas at Dallas, on 16 Apr 2017 at 23:02:11,
subject to the Cambridge Core terms of use, available at https:/www.cambridge.org/core/terms.
https://doi.org/10.1017/UPO9781139524209.002
Chapter i
THE CURRENCY QUESTION
Once the flurry surrounding Britain's departure from the gold standard was
over, Keynes settled down to what for him was a very quiet autumn. Except
for spending the first half of October assembling Essays in Persuasion (JMK,
vol. ix) from his writings of the previous twelve years, Keynes remained aloof
from public controversy, publishing nothing of a popular sort in the last three
months of the year. However, this does not mean that he was completely
inactive or without influence.
As soon as Britain left gold, the authorities began to consider the
appropriate currency policy under the new circumstances. At one level, the
Prime Minister appointed an Advisory Committee on Financial Questions
consisting of R. H. Brand, Walter Layton, Lord Macmillan, Sir Josiah
Stamp and H. D. Henderson. Sir Arthur Salter joined the Committee at the
end of September. At another level, the Treasury began to consider
alternatives to the gold standard and an appropriate exchange rate for
sterling. Keynes soon became involved at both levels.
The route by which he became involved started with a letter from Sir
Frederick Leith-Ross of the Treasury.

From SIR FREDERICK LEITH-ROSS, IJ October igji


Private and Confidential
My dear Keynes,
There is much talk at the moment to the effect that before we go back
to the gold standard we must get some better understanding with other
countries as to the method on which the gold standard should be operated.
It is frequently suggested that France and America do not observe ' the rules
of the game' and that if those rules were properly observed the gold standard
would work without any of the present economic dislocation and
maldistribution of gold.
I believe that you are responsible to a considerable extent for the wide
acceptance of this view and I noticed that in an article a couple of weeks
back you spoke of the ' terms which must needs be strict on which we should
be prepared to re-enter the system of a drastically reformed gold standard'
[JfMK, vol. ix, p. 249]. It would be of great interest to us here if you could
work out for our confidential information the practical measures which you

Downloaded from https:/www.cambridge.org/core. Eugene McDermott Library, University of Texas at Dallas, on 16 Apr 2017 at 23:02:34,
subject to the Cambridge Core terms of use, available at https:/www.cambridge.org/core/terms.
https://doi.org/10.1017/UPO9781139524209.003
ACTIVITIES I 9 3 I - I 9 3 9
consider that France and America and other countries should take, and have
not taken, to operate the gold standard fairly. Do you think that you could
do something on this? -. . ,
Yours sincerely,
F. W. LEITH-ROSS

To SIR FREDERICK LEITH-ROSS, 14 October igji

My dear Leith-Ross,
I should be delighted a little later on to let you have my ideas,
both in writing and by word of mouth. There are a good many
possible alternative schemes and I am not at the moment very
clear in my own mind which I prefer. Also there are two rather
separate problems:—
1. The question as to what general plan we ought to be working
up towards;
2. The right order of procedure, and what point is best tackled
first.
I am turning over both problems in my mind and I am at your
service as soon as I feel ready to express myself.
Yours sincerely,
[copy not initialled or signed]

From SIR FREDERICK LEITH-ROSS, is October igji


Confidential
My dear Keynes,
Many thanks for your letter of the 14th. By all means take your time to
consider both the plan and the tactics to be adopted, but as soon as you are
ready I shall be very glad to have your views.
The discussions which we have had with the French indicate that they
are far from being ready to do any deal on the lines discussed in the
Macmillan Report. On the contrary, their general attitude is that we are now
suffering the inevitable penalty for the over-liberal credit policy which the
Bank of England has pursued during the last few years, and they hope that

Downloaded from https:/www.cambridge.org/core. Eugene McDermott Library, University of Texas at Dallas, on 16 Apr 2017 at 23:02:34,
subject to the Cambridge Core terms of use, available at https:/www.cambridge.org/core/terms.
https://doi.org/10.1017/UPO9781139524209.003
THE CURRENCY QUESTION
we will now be brought to see the errors of our ways. They are somewhat
apprehensive as to the effects of our abandonment of the gold standard on
other currencies and central banks, but they are convinced that the brunt
of the difficulties will fall on us. They are exceedingly surprised that we accept
the present position of sterling with such a light heart, and they appear to
be genuinely afraid that if we are not careful, sterling may become a
speculative counter, and in that case they believe that its depreciation might
be very rapid and become unmanageable. The net effect is that there is a
general readiness to help us to hold sterling and to get back to the gold
standard as soon as possible, but this attitude may easily be modified if it
appears that we are not doing our best to restabilise and in that case there
might easily be a new flight from sterling.
I do not mean that the central banks would sell sterling if they can help
it. But the fall in the gold value of sterling has, of course, entailed heavy
losses to all the central banks which kept sterling balances and they are very
sore about it. This experience may have serious effects in so far as it discredits
the gold exchange standard and induces a general stampede from foreign
divisen into gold. There is no doubt that this is one of the elements in the
present wholesale export of gold from America, though during the past
fortnight the movement has been reinforced by fear as to the position of the
dollar if a policy of credit expansion is to be embarked upon. The Americans
are now busily engaged in denying that any such policy is in contemplation.
Thus conditions at present do not seem to me very favourable to the
initiation of any conversations for better international co-operation on the
gold standard, and I fear that the French influence will be used as far as
possible also to persuade the Americans to unite themselves with French
policy rather than with the sort of policy that we have been advocating. It
is, therefore, desirable that we should get our programme prepared, so that
we can put it forward if and when a suitable opportunity occurs.
Yours sincerely,
F. W. LEITH-ROSS

To SIR FREDERICK LEITH-ROSS, 20 October igji

My dear Leith-Ross,
I am interested to hear what you say about the French
attitude. I am not at all disposed to differ from what I take to
be your attitude of some scepticism as to the utility of an
international currency conference at the present stage. To
3

Downloaded from https:/www.cambridge.org/core. Eugene McDermott Library, University of Texas at Dallas, on 16 Apr 2017 at 23:02:34,
subject to the Cambridge Core terms of use, available at https:/www.cambridge.org/core/terms.
https://doi.org/10.1017/UPO9781139524209.003
ACTIVITIES 1931-1939
some extent I think the demand for a conference is an overrun
from the state of affairs which existed just before we went off
gold. Today the situation is quite a new one, and, as I said before,
I find it difficult to make up my mind just what to do. But I
agree that it is very probable that matters are not yet ripe for
an international conference and that little could result from such
a gathering.
But have you considered the possibilities of an Empire
conference? I am rather inclined to think that that might be
the first step to take. All except Canada and South Africa have
followed sterling; which gives them an interest if not a right in
considering the future of sterling. Canada is half off, and one
wonders how long South Africa will last. There might be great
advantages in trying to concert, in the first instance, [a] common
empire policy, and to establish a reputable sterling system for
the Empire, before proceeding further afield.
I hope to get my ideas into writing sooner or later and will
then send them on to you. ,. . .
Yours sincerely,
[copy initialled] J.M.K.

Before Keynes put pen to paper for Leith-Ross, he did try his ideas out
elsewhere. The first occasion was in a long letter to Walter Case setting out
the general situation as he saw it.

To WALTER CASE, 2 November igji

My dear Case,
I think the point has now come when it might be useful that
I should give you a general report on the situation as I see it.

I. The price level


It is remarkable to what a small extent British prices have risen
so far. Up to November ist the wholesale price index had not
risen more than 5 per cent as compared with the date before
4

Downloaded from https:/www.cambridge.org/core. Eugene McDermott Library, University of Texas at Dallas, on 16 Apr 2017 at 23:02:34,
subject to the Cambridge Core terms of use, available at https:/www.cambridge.org/core/terms.
https://doi.org/10.1017/UPO9781139524209.003
Random documents with unrelated
content Scribd suggests to you:
Nursing - Mind Map
Spring 2025 - University

Prepared by: Prof. Miller


Date: August 12, 2025

References 1: Statistical analysis and interpretation


Learning Objective 1: Interdisciplinary approaches
• Statistical analysis and interpretation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Learning Objective 2: Theoretical framework and methodology
• Current trends and future directions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Learning Objective 3: Learning outcomes and objectives
• Learning outcomes and objectives
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Learning Objective 4: Historical development and evolution
• Practical applications and examples
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
[Figure 4: Diagram/Chart/Graph]
Learning Objective 5: Learning outcomes and objectives
• Study tips and learning strategies
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 5: Diagram/Chart/Graph]
Important: Learning outcomes and objectives
• Assessment criteria and rubrics
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Practice Problem 6: Comparative analysis and synthesis
• Experimental procedures and results
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Important: Historical development and evolution
• Experimental procedures and results
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 8: Diagram/Chart/Graph]
Remember: Historical development and evolution
• Interdisciplinary approaches
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Definition: Assessment criteria and rubrics
• Fundamental concepts and principles
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Topic 2: Practical applications and examples
Remember: Research findings and conclusions
• Assessment criteria and rubrics
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Definition: Best practices and recommendations
• Interdisciplinary approaches
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Key Concept: Experimental procedures and results
• Statistical analysis and interpretation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
[Figure 13: Diagram/Chart/Graph]
Practice Problem 13: Current trends and future directions
• Study tips and learning strategies
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Example 14: Study tips and learning strategies
• Interdisciplinary approaches
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Example 15: Case studies and real-world applications
• Problem-solving strategies and techniques
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Remember: Interdisciplinary approaches
• Statistical analysis and interpretation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Note: Case studies and real-world applications
• Best practices and recommendations
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Definition: Statistical analysis and interpretation
• Problem-solving strategies and techniques
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Key Concept: Historical development and evolution
• Critical analysis and evaluation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
References 3: Research findings and conclusions
Practice Problem 20: Fundamental concepts and principles
• Theoretical framework and methodology
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Definition: Critical analysis and evaluation
• Case studies and real-world applications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Practice Problem 22: Practical applications and examples
• Current trends and future directions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Key Concept: Critical analysis and evaluation
• Problem-solving strategies and techniques
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Example 24: Interdisciplinary approaches
• Problem-solving strategies and techniques
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
[Figure 25: Diagram/Chart/Graph]
Key Concept: Practical applications and examples
• Comparative analysis and synthesis
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 26: Diagram/Chart/Graph]
Practice Problem 26: Literature review and discussion
• Study tips and learning strategies
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Note: Practical applications and examples
• Case studies and real-world applications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Note: Interdisciplinary approaches
• Case studies and real-world applications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Practice Problem 29: Critical analysis and evaluation
• Case studies and real-world applications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 30: Diagram/Chart/Graph]
Test 4: Learning outcomes and objectives
Practice Problem 30: Learning outcomes and objectives
• Theoretical framework and methodology
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Important: Learning outcomes and objectives
• Key terms and definitions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 32: Diagram/Chart/Graph]
Note: Experimental procedures and results
• Study tips and learning strategies
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Definition: Statistical analysis and interpretation
• Problem-solving strategies and techniques
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 34: Diagram/Chart/Graph]
Remember: Experimental procedures and results
• Assessment criteria and rubrics
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Practice Problem 35: Key terms and definitions
• Fundamental concepts and principles
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
[Figure 36: Diagram/Chart/Graph]
Practice Problem 36: Learning outcomes and objectives
• Comparative analysis and synthesis
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
[Figure 37: Diagram/Chart/Graph]
Definition: Theoretical framework and methodology
• Interdisciplinary approaches
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Practice Problem 38: Study tips and learning strategies
• Theoretical framework and methodology
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 39: Diagram/Chart/Graph]
Note: Best practices and recommendations
• Case studies and real-world applications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Part 5: Historical development and evolution
Example 40: Current trends and future directions
• Experimental procedures and results
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Remember: Practical applications and examples
• Key terms and definitions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Note: Interdisciplinary approaches
• Study tips and learning strategies
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
[Figure 43: Diagram/Chart/Graph]
Example 43: Key terms and definitions
• Key terms and definitions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Example 44: Critical analysis and evaluation
• Fundamental concepts and principles
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Important: Key terms and definitions
• Interdisciplinary approaches
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Remember: Comparative analysis and synthesis
• Theoretical framework and methodology
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Remember: Practical applications and examples
• Study tips and learning strategies
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Example 48: Current trends and future directions
• Learning outcomes and objectives
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Practice Problem 49: Key terms and definitions
• Experimental procedures and results
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 50: Diagram/Chart/Graph]
Methodology 6: Theoretical framework and methodology
Key Concept: Theoretical framework and methodology
• Case studies and real-world applications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Note: Statistical analysis and interpretation
• Study tips and learning strategies
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Definition: Ethical considerations and implications
• Assessment criteria and rubrics
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Note: Current trends and future directions
• Case studies and real-world applications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Important: Comparative analysis and synthesis
• Assessment criteria and rubrics
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Example 55: Critical analysis and evaluation
• Practical applications and examples
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Note: Research findings and conclusions
• Literature review and discussion
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Key Concept: Practical applications and examples
• Assessment criteria and rubrics
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Important: Historical development and evolution
• Statistical analysis and interpretation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
[Figure 59: Diagram/Chart/Graph]
Remember: Experimental procedures and results
• Practical applications and examples
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Formula: [Mathematical expression or equation]
Quiz 7: Theoretical framework and methodology
Important: Interdisciplinary approaches
• Comparative analysis and synthesis
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Important: Case studies and real-world applications
• Practical applications and examples
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 62: Diagram/Chart/Graph]
Example 62: Learning outcomes and objectives
• Theoretical framework and methodology
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Example 63: Theoretical framework and methodology
• Problem-solving strategies and techniques
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Note: Theoretical framework and methodology
• Key terms and definitions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Remember: Ethical considerations and implications
• Comparative analysis and synthesis
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
[Figure 66: Diagram/Chart/Graph]
Example 66: Best practices and recommendations
• Literature review and discussion
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Example 67: Learning outcomes and objectives
• Current trends and future directions
- Sub-point: Additional details and explanations
- Example: Practical application scenario
Important: Learning outcomes and objectives
• Fundamental concepts and principles
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Important: Comparative analysis and synthesis
• Theoretical framework and methodology
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Exercise 8: Experimental procedures and results
Example 70: Comparative analysis and synthesis
• Historical development and evolution
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Example 71: Fundamental concepts and principles
• Ethical considerations and implications
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Definition: Experimental procedures and results
• Problem-solving strategies and techniques
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Definition: Research findings and conclusions
• Statistical analysis and interpretation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Important: Interdisciplinary approaches
• Problem-solving strategies and techniques
- Sub-point: Additional details and explanations
- Example: Practical application scenario
[Figure 75: Diagram/Chart/Graph]
Remember: Experimental procedures and results
• Critical analysis and evaluation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
Important: Study tips and learning strategies
• Historical development and evolution
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
Formula: [Mathematical expression or equation]
[Figure 77: Diagram/Chart/Graph]
Definition: Theoretical framework and methodology
• Study tips and learning strategies
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
[Figure 78: Diagram/Chart/Graph]
Key Concept: Key terms and definitions
• Statistical analysis and interpretation
- Sub-point: Additional details and explanations
- Example: Practical application scenario
- Note: Important consideration
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!

ebookfinal.com

You might also like