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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 formulation of the Treasury View, 1925–1929

The formulation of the Treasury View, 1925–1929

(p.47) 3 The formulation of the Treasury View, 1925–1929
The Keynesian Revolution in the Making, 1924–1936

Peter Clarke

Oxford University Press

The Treasury View may have served ideological functions in propping up a case for sound finance which appealed to sectional self-interest and extenuated the Conservative record; but that did not absolve its critics from the requirement to find an equally effective counter-argument. While Keynes proclaimed that the Treasury dogma was fallacious, it had proved highly plausible, as Keynes would have done better to acknowledge, rather than resort to rhetorical overkill. At any rate, it was far from unreasonable in the spring of l929 to suppose that the Treasury View represented a proposition which it would be necessary — though perhaps not sufficient — to confute before the case for public works was likely to gain acceptance.

Keywords:   finance, Treasury View, Keynes

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