Monetary Theory and the Radcliffe Report

Abstract

The Report of the Radcliffe Committee is a document which covers a great variety of topics relating to the working of the British monetary system. The present structure of the London Capital Market, the external position of sterling, the relations between the Bank of England and the government, a wealth of highly significant financial statistics hitherto inaccessible — if it were only for its contribution in respect of any of these, it would still take its place as one of the most important publications of its kind in the long course of British monetary history.

A paper read before Professor Papi’s seminar at the University of Rome in the spring of 1960. In preparing it for final publication I have amplified it a little in places and included some comment on Professor Sayers’ important presidential address at the meeting of the British Association in the autumn of that year.