...quite correct, Senator. For political reasons. Senator TAFT. Just one more question. Lord Keynes said : Not merely as a feature of the transition, but as...arrangement the plan accords to every member government the expressed right to control all capital movements. What used to be a heresy is now endorsed as orthodox....

...that had been prominent before 1931. As the chief British negotiator, John Maynard Keynes, put it, "Not merely as a feature of the transition, but as...to control all capital movements. What used to be a heresy is now endorsed as orthodox."2 In addition to the need to clarify this misconception, it is...

...of Lords on 23 May 1944, Keynes hailed these provisions as a major vindication of British interests: Not merely as a feature of the transition, but as...to control all capital movements. What used to be a heresy is now endorsed as orthodox. In my own judgement, countries which avail themselves of this...

...interference from the ebb and flow of international capital movements or flights of hot money. . . . Not merely as a feature of the transition, but as...to control all capital movements. What used to be hearsay is now endorsed as orthodox. . . . Our right to control the domestic capital market is secured...

...subordinate role (Dam, l982: 54). In the words of John Maynard Keynes, the chief British negotiator: Not merely as a feature of the transition but as a permanent arrangement, the plan accords every member government the explicit right to control all capital movements. What used to be heresy...

...peacetime. A frail and exhausted Keynes appreciated how deeply radical the new international plan was: "Not merely as a feature of the transition, but as...What used to be heresy is now endorsed as orthodox." 9 Keynes savoured the victory. Within two years, he was dead. The Saviours as Traitors In early 1948,...

...Maynard Keynes defended capital controls as an accepted norm of the new international monetary system: Not merely as a feature of the transition but as a permanent arrangement the plan accords to every government the explicit right to control all capital movements. What used to be heresy is now endorsed...

...the power to defend the parities set under Bretton Woods (Krause 1991: 62-5). He recommended these, "not merely as a feature of the transition, but as a permanent arrangement . . . the right to control all capital movements" (Bryant 1987: 61-2). As part of this policy, he submitted that...

...Bretton Woods, Keynes expressed satisfaction that his objectives in that regard had been achieved: 'Not merely as a feature of the transition, but as...What used to be heresy is now endorsed as orthodox' (quoted in Pauly 1997: 94). 15 However, that achievement did not last. Over the next half-century,...

...trade but specifically rejected the principle of free capital movement. Keynes is quoted as saying, "Not merely as a feature of the transition, but as...government the explicit right to control all capital movements."55 The Bretton Woods system aimed to restore stability to the international payments system...