Monetary Theory and the Radcliffe Report

  • Lord Robbins


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.


Interest Rate Monetary Policy Central Bank International Relation Money Supply 
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  1. 1.
    See Sayers, Central Banking after Bagehot, (Oxford, 1957), pp. 92–107, and Dacey, Lloyds Bank Review, April 1956, pp. 24–38. There is some reason to suppose that the Bank of England had been conscious of the change in its powers for a very considerable time.Google Scholar
  2. 1.
    See a very forceful analysis by Professor Paish entitled ‘What is this Liquidity’, in his Studies in an Inflationary Economy (London, 1962), pp. 70-9.Google Scholar

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© Lord Robbins 1971

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  • Lord Robbins

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