KEYNES + THE GOLD STANDARD
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8 Terms
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Wat was the Gold Standard?
The value of a currency is defined in terms of gold.
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Who returned Britain to the GS and when?
Churchill in 1925.
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Who criticised the GS?
John Maynard Keynes.
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Why?
Argued it was deflationary and would increase unemployment.
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Wen did his ideas get more support?
After WW2.
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How?
Keynesian economics became the post-war consensus.
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What was the affect of the GS?
The pound became overvalued, so goods were to expensive and recovery sowed down.
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When was Britain taken of the GS?
1931.