The Economic Consequences of Mr. ChurchillL. and V. Woolf, 1925 - 32 sider |
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American coal arguments Baldwin Bank of England bank rate Belgium Board of Trade bondholders borrow Brazil Churchill Clearing Banks Coal Industry coal miners competitive level consequence cost of living credit restriction dear money deflation deliberately intensifying unemployment economic pressure effect embargo on foreign export industries fact force down money foreign investments fundamental adjustments gold prices abroad Gold Standard Government Gulf Stream high rate index numbers inevitable influenza intensification of unemployment international value labour level of wages loans London Money Market long run lower wages moderate gap monetary policy money values money wages Money-wages must fall movement Nevertheless partly policy of improving pre-war raise the value reduce wages reduction of money reduction of money-wages reduction of wages remedy restoration of gold restrict credit restriction of credit sheltered industries sterling money sterling prices Trade Union leaders Treasury Committee troubles United value of money value of sterling weaker whilst York
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Side 9 - Those who are attacked first are faced with a depression of their standard of life, because the cost of living will not fall until all the others have been successfully attacked too; and, therefore, they are justified in defending themselves. Nor can the classes which are first subjected to a reduction of money wages be guaranteed that this will be compensated later by a corresponding fall in the cost of living, and will not accrue to the benefit of some other class. Therefore they are bound to resist...
Side 10 - Partly, perhaps, because he has no instinctive judgment to prevent him from making mistakes; partly because, lacking this instinctive judgment, he was deafened by the clamorous voices of conventional finance; and most of all, because he was gravely misled by his experts.
Side 6 - Gold.] articles produced at home, it is impossible for them to cut their prices 10 per cent, unless wages and expenses in home industries generally have fallen 10 per cent. Meanwhile the weaker export industries are reduced to a bankrupt condition. Failing a fall in the value of gold itself, nothing can retrieve their position except a general fall of all internal prices and wages. Thus Mr. Churchill's policy of improving the exchange by 10 per cent was, sooner or later, a policy of reducing every...
Side 9 - Germany that the workers in those countries can accept a gold wage 30 per cent lower than what our workers receive without suffering at all in the amount of their real wages. What wonder that our export trades are in trouble! Our export industries are suffering because they are the first to be asked to accept the 10 per cent reduction. If every one was accepting a similar reduction at the same time, the cost of living would fall, so that the lower money wage would represent nearly the same real wage...
Side 24 - The gold standard, with its dependence on pure chance, its faith in 'automatic adjustments', and its general regardlessness of social detail, is an essential emblem and idol of those who sit on the top tier of the machine. I think they are immensely rash in their regardlessness, in their vague optimism and comfortable belief that nothing really serious ever happens. Nine times out of ten, nothing really serious does happen merely a little distress to individuals or to groups. But we run a risk of...
Side 12 - Their arguments — if their vague and jejune meditations can be called such — are there for anyone to read. What they ought to have said, but did not say, can be expressed as follows: — "Money wages, the cost of living, and the prices which we are asking for our exports have not adjusted themselves to the improvement in the exchange, which the expectation of your restoring the gold standard, in accordance with your repeated declarations, has already brought about. They are about...
Side 13 - This, in itself, will be helpful, since it will produce an atmosphere favourable to the reduction of wages. The cost of living will fall somewhat. This will be helpful too, because it will give you a good argument in favour of reducing wages. Nevertheless, the cost of living will not fall sufficiently and, consequently, the export industries will not be able to reduce their prices sufficiently, until wages have fallen in the sheltered industries. Now, wages will not fall in the sheltered industries...
Side 8 - Keynes's opponents in this controversy view the return to gold at prewar parity ? How did they justify this policy and what did they expect to gain thereby ? Chancellor Churchill maintained that the return to gold was "no more responsible for the condition of affairs in the coal industry than is the Gulf Stream.
Side 6 - ... level, unless prices rise elsewhere. Thus the policy of improving the exchange by 10 per cent involves a reduction of 10 per cent in the sterling receipts of our export industries. Now, if these industries found that their expenses for wages and for transport and for rates and for everything else were falling 10 per cent at the same time, they could afford to cut their prices and would be no worse off than before. But, of course, this does not happen. Since they use, and their employees consume,...
Side 19 - The Bank of England is compelled to curtail credit by all the rules of the Gold Standard game. It is acting conscientiously and " soundly