Keynes's design was in favour of the liberalization of the economy and the capital's transfers, for the main purpose of monetary stability. To avoid devaluation of currencies - a practice followed by governments in order to sustain their export - Lord Keynes planned to introduce "Bancor”, a money of account to be accepted by all countries in international exchanges. The international body to be organized would get interests both from debtor and creditor countries, in order to finance the balance of payments system.
Nico PerroneRelated topics
account body debtor export international liberalization lord money order plan practice purpose stability favour keynes devaluationRelated quotes
It is a major defect of our present organized system and the economy of abundance that, without providing great goals, it has taken away some of the important real necessities, leaving people with nothing to do.
The void is soon filled. Behavior like going into debt on the installment plan, gives an artificial but then real necessity, something to do, paying up. This is the Rat Race, but I doubt that it would be run if people did not need its justifying necessity, for the commodities themselves are not that attractive.
Paul Goodman
Defined by its purpose, its [education's] main aim is not to impart the specialized technique of any particular trade or profession, but to develop the faculties which, because they are the attribute of man, are not peculiar to any particular class or profession of men, and to build up the interests which, while they may become the basis of specialization at a later stage, have a value extending beyond their utility for any particular vocation, because they are the condition of a rational and responsible life in society.
R. H. Tawney
We must recognise that the absolutely free working of such a system cannot now be accepted. We are living too closely knit a structure of society in which the very complication of our immense programme of social reform and industrial development necessitates strong powers being retained at the centre. It will be necessary to use the organising power and majesty of the State in a variety of ways. The State will have to be the grand arbiter between competing interests.
Rab Butler
If we continue to use industrial resources for other purposes – defence, housing, etc. thus preventing the diversion of resources to export work, the [exchange] rate will continue to fall. ... the basic idea of internal stability of prices and employment, which had dominated economic policy for so long will not be maintainable. It will not be possible to maintain stable internal prices and wages; it will not be possible to avoid unemployment. There will be a continuous process of change and readjustment and much of this will be painful.
Rab Butler
The economy - once a great scatter of small productive units in autonomous balance, has become dominated by two or three hundred giant corporations, administratively and politically interrelated... The political order, once a decentralized set of several dozen states with a weak spinal cord, has become a centralized executive establishment which has taken up into itself many powers previously scattered... The military order, once a slim establishment in a context of distrust fed by state militia, has become the largest and most expensive feature of government.
C. Wright Mills
