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The Keynes Plan and Bretton Woods debates: the early radical criticisms by Balogh, Schumacher and Kalecki

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  • Adrien Faudot

    (CERAG - Centre d'études et de recherches appliquées à la gestion - UGA - Université Grenoble Alpes, CREG - Centre de recherche en économie de Grenoble - UGA - Université Grenoble Alpes)

Abstract

The prestige of John Maynard Keynes, as well as the smart design of his plan, made the proposal for an International Clearing Union particularly worthy of interest when it was released. Economists with orthodox views on international adjustment criticised the plan, but less well known criticisms also came from within Keynesian circles. Several economists in J. M. Keynes' professional milieu provided comments and asked for amendments to the draft plan in order to improve his scheme for the clearing union. This paper analyses the published responses of Ernst F. Schumacher, Thomas Balogh and Michal Kalecki to the Keynes Plan. These authors provide early, radical criticisms of his plan, targeting the sustainability and efficiency of the proposed international monetary reform.

Suggested Citation

  • Adrien Faudot, 2021. "The Keynes Plan and Bretton Woods debates: the early radical criticisms by Balogh, Schumacher and Kalecki," Post-Print halshs-03286720, HAL.
    • Handle: RePEc:hal:journl:halshs-03286720
    DOI: 10.1093/cje/beab018
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    Cited by:

    1. Adrien Faudot & Nikolay Nenovsky, 2023. "Edgard Milhaud and the case for establishing an international clearing union in the 1930s: a forgotten forerunner of Keynes ?," Post-Print halshs-04279714, HAL.

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