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The Keynesian Revolution in the Making, 1924–1936$
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Peter Clarke

Print publication date: 1990

Print ISBN-13: 9780198202196

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780198202196.001.0001

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The reformulation of the Treasury View, 1929–1930

The reformulation of the Treasury View, 1929–1930

Chapter:
(p.142) 7 The reformulation of the Treasury View, 1929–1930
Source:
The Keynesian Revolution in the Making, 1924–1936
Author(s):

Peter Clarke

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780198202196.003.0010

Who had converted whom was an open question. The Government's rejection of the Mosley memorandum was a political act of the first magnitude, bringing into play the ambitions and strategies of competing sections of the Labour leadership. Though Mosley himself generated intense hostility among his various opponents, the case he presented in his resignation speech received full and fair official scrutiny. Indeed, Mosley's appraisal of the poor prospects for a revival of the export trade evoked a surprisingly sympathetic response in a paper from the Board of Trade, which Hopkins duly relayed to the Chancellor of the Exchequer. The events of May showed that radical proposals on unemployment faced considerable obstacles and objections — economic, administrative, and political, as well as theoretical. If the Treasury View no longer stood as a conclusive reason against adopting a Keynesian policy, a persuasive case in favour had not displaced it.

Keywords:   Board of Trade, unemployment, Keynes, Keynesian policy, Mosley memorandum

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