Faced with the difficulties of unilateral reflation, some socialists are tempted to seek salvation through trade restrictions or competitive devaluation. But such beggar-my-neighbour policies, if pursued on the scale required...are more likely to lead to a trade and currency war than to insulate their sponsors from the recession in the outside world. (Denis Healey)

Faced with the difficulties of unilateral reflation, some socialists are tempted to seek salvation through trade restrictions or competitive devaluation. But such beggar-my-neighbour policies, if pursued on the scale required...are more likely to lead to a trade and currency war than to insulate their sponsors from the recession in the outside world.

Denis Healey

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currency difficulties lead likely outside recession seek trade war world devaluation

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