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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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Prologue to Part III

Prologue to Part III

(p.72) (p.73) Prologue to Part III
The Keynesian Revolution in the Making, 1924–1936

Peter Clarke

Oxford University Press

With Lloyd George's pledge to conquer unemployment, public works became a central policy issue. The late 1920s were the most active period of Keynes's political career and his initiatives in policy dragged along a justifying body of theory in their wake — sometimes improvised on the spot. These efforts culminated in the 1929 General Election, when the Liberals failed to break through, and a minority Labour Government took office under Ramsay MacDonald. One result was the appointment of the Macmillan Committee, with Keynes in a key role. The establishment of the Economic Advisory Committee, and particularly its committee of economists, meant that expert advice on policy acquired a new prominence. Keynes was at the heart of all these discussions.

Keywords:   Lloyd George, unemployment, public works, Macmillan Committee, General Election, Ramsay MacDonald

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