Wednesday, December 8, 2010

Trade Imbalance (2½)

John Maynard Keynes on the balance of trade

Directly out of Wikipedia:

He was the principal author of a proposal — the so-called Keynes Plan —— for an International Clearing Union. The two governing principles of the plan were that the problem of settling outstanding balances should be solved by 'creating' additional 'international money', and that debtor and creditor should be treated almost alike as disturbers of equilibrium.

Disturbers of equilibrium.

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