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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 Bank under the harrow

The Bank under the harrow

(p.125) 6 The Bank under the harrow
The Keynesian Revolution in the Making, 1924–1936

Peter Clarke

Oxford University Press

Keynes took up Norman's contention that the effects of Bank rate were largely psychological, which implied that the actual effects on industry of a contraction of credit were not appreciable. However, the Bank refused to accept a monetary explanation at all. Whatever expedients were proposed, the real problem remained the uncompetitiveness of British industry. Keynes may have held out the prospect that, despite ‘the enormous anomaly of unemployment in a world full of wants’, its existence was really a backhanded tribute to the labour-saving power of technology, which meant in the long run that mankind was solving its economic problem, if only the logistics of abundance could be better organized. For Norman and his colleagues, the need to face the music presented the same kind of challenge as the return to the Gold Standard — the course of realism and rectitude, which had long been evaded.

Keywords:   British industry, credit, economics, Norman, unemployment, Keynes

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