By R. Leeson
This quantity examines the original insights supplied through archival facts in American economics.
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Extra info for American Power and Policy (Archival Insights Into the Evolution of Economics)
You have frequently stressed the importance of having a plan that could get the 42 American Power and Policy approval of Congress. In my judgement, the modification which we have suggested would help very much to get this approval, for the following reasons: 1. The American contribution would not be increased beyond the $2 billion you have suggested. 2. The contribution of other countries would be very greatly increased to $13 billion. 3. The Fund would be stronger in its gold holdings under our proposal.
In his article Viner repeated his arguments about the fund’s superiority over the overdraft plan. Viner stressed that Keynes’s plan seemed to grant an inferior role to gold than White’s plan did and for that reason could be regarded as less acceptable to gold-producing or holding countries. Moreover Viner pointed out that White’s plan, providing the fund with means of payment other than gold, was as able as the Keynes plan to enhance the elasticity of the world liquidity supply and prevent the risk of a new worldwide fall into deep deflation.
In spring 1943 Viner sent to Keynes, forwarded by Dennis H. Robertson,62 a first draft of a paper he was going to publish in the Yale Review, comparing the relative advantages of the British and the American plans. Keynes wrote him a long letter, commenting on Alvin Hansen, Jacob Viner, and the Council on Foreign Relations 43 the paper point by point. A brief but very intense correspondence started: in the four letters exchanged from May to October 1943, when the final preparations for the first official talks between British and American delegations were under way, Keynes and Viner discussed in detail the functioning of the two plans, finding a good deal of agreement on many issues.
American Power and Policy (Archival Insights Into the Evolution of Economics) by R. Leeson