The Economic Consequences of Mr Churchill (1925)

  • John Maynard Keynes


World trade and home consumption are both moderately good —running on a level keel, midway between slump and boom. The United States has had a year of abundant prosperity; India and the Dominions are doing fairly well; in France and Italy unemployment is non-existent or negligible; and in Germany during the last six months the numbers receiving the dole have decreased rapidly, by more than half, to 4–5 per cent against our 10 per cent. The aggregate of world production is probably greater than at any time since 1914. Therefore our troubles are not due either to world-wide depression or to reduced consumption at home. And it is obvious what does cause them. It is a question of relative price here and abroad. The prices of our exports in the international market are too high. About this there is no difference of opinion.


Monetary Policy Real Wage Gulf Stream Coal Industry Export Industry 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.


Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

Copyright information

© The Royal Economic Society 2010

Authors and Affiliations

  • John Maynard Keynes

There are no affiliations available

Personalised recommendations