Over the course of his professional life, John Maynard Keynes altered his views from free trade in the classical tradition to restricted trade. At the end of his career, his position on the issue was still not categorically resolved even though the evidence seems to suggest that he moved closer to a system of managed trade. In that model, nations would not leave their foreign trade interests open to the vagaries of the free market, but rather exercise some degree of control over them just as they would their domestic economies. Nevertheless, there is no general agreement among economists as to whether Keynes ended his career in the camp of the free traders or aligned himself with the protectionists. John Maynard Keynes: Free Trader or Protectionist? seeks an answer to this question by analyzing Keynes’ own views on this issue, as stated in his major publications, letters, speeches, testimony before government bodies, newspaper articles, participation in conferences, and other sources. Through this detailed review of what Keynes himself had to say on the issue as opposed to what others have alleged, this book strives to make a significant contribution to the resolution of this issue.
A veteran of World War II, Joseph Cammarosano has served as an economist in the U.S. Bureau of the Budget and the New York State Department of Taxation and Finance. Cammarosano has also served as professor of economics, vice president of finance, and executive vice president of Fordham University.
IntroductionPart I: The Priority of Internal over External Considerations as evidenced by Keynes’ Opposition to the Pre-World War I International Gold StandardChapter 1: Keynes’ Attack on the International Gold StandardChapter 2: Keynes’ Opposition to the Restoration of the British Pound to its Pre-War Parity of ExchangeChapter 3: Keynes’ Search for a Managed Monetary StandardPart II: The Evolution of Keynes’ Thinking on Foreign Trade from World War I to World War IIChapter 4: Keynes’ Early Foreign Trade ViewsChapter 5: Keynes’ Views on Commercial Policy in his Treatise on MoneyChapter 6: Keynes’ Endorsement of Protectionism as a Solution to Britain’s Economic ProblemsChapter 7: Keynes’ Proposal for a Revenue TariffChapter 8: Keynes’ Advocacy of National Autarky for Great BritainPart III: The General Theory of Employment, Interest and Money and its Relevance for Keynes’ Foreign Trade ViewsChapter 9: The Implications of Keynes’ Theory of Employment and his Reflections on the Mercantilists for Orthodox Free TradePart IV: Keynes’ Views on Foreign Trade during and after World War IIChapter 10: Keynes and the Currency Proposals for the Expansion of Multilateral International Trade following the End of World War IIChapter 11: Keynes and the Anglo-American LoanChapter 12: Summary and ConclusionsReferences About the Author
The author accurately presents Keynes’s views over the major issues. . . .and his [the author's] research is thorough; in fact, the bibliography of contemporary sources is quite valuable . . . The focus on contemporary sources is laudable. . . .The book serves well as a brief introduction to Keynes’s thought on trade and the international monetary system.