Trade in a Non-Laissez-Faire World

  • Goran Ohlin
Part of the International Economic Association Series book series (IEA)


During the early discussions of post-war arrangements in the economic sphere, Keynes was profoundly dubious about the feasibility of a liberal commercial policy. In a note which according to his biographer was ‘partly meant to tease’ he wrote to one of the British negotiators in Washington:

As you know, I am, I am afraid, a hopeless sceptic about this return to nineteenth century laissez-faire, for which you and the State Department seem to have such nostalgia.

I believe that the future lies with—
  1. (i)

    State trading for commodities;

  2. (ii)

    International cartels for necessary manufactures; and

  3. (iii)

    Quantitative import restrictions for non-essential manufactures.1



Monetary Policy International Trade Trade Liberalisation Industrial Policy European Central Bank 
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.


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Copyright information

© The International Economic Association 1969

Authors and Affiliations

  • Goran Ohlin
    • 1
  1. 1.Sveriges IndustriforbundStockholmSweden

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