Abstract
Once again, unfortunately, Keynes was to fulfill his role as Cassandra. Hardly a year had passed since the publication of A Tract on Monetary Reform when Winston Churchill, then chancellor of the Exchequer, and the British government decreed that sterling return to its prewar parity of $4.86 = £1. The decision was taken on 28 April 1925. Having abandoned the gold standard in 1914, Britain renewed the tie. The system was not loved; accepted because it had to be, it was to survive until September 1931.
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© 1984 University of Pennsylvania Press
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Vicarelli, F. (1984). Cassandra and the Myth of the Invisible Hand. In: Keynes: The Instability of Capitalism. Keynesian studies. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-07639-0_4
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DOI: https://doi.org/10.1007/978-1-349-07639-0_4
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-07641-3
Online ISBN: 978-1-349-07639-0
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