John Maynard Keynes: Free Trader or Protectionist?

by Joseph R. Cammarosano

Overview

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.

Product Details

ISBN-13:	9781498520881
Publisher:	Bloomsbury Academic
Publication date:	08/25/2015
Edition description:	Reprint
Pages:	220
Product dimensions:	6.00(w) x 8.90(h) x 0.80(d)

About the Author

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.

Table of Contents

Introduction

Part I: The Priority of Internal over External Considerations as evidenced by Keynes’ Opposition to the Pre-World War I International Gold Standard
Chapter 1: Keynes’ Attack on the International Gold Standard
Chapter 2: Keynes’ Opposition to the Restoration of the British Pound to its Pre-War Parity of Exchange
Chapter 3: Keynes’ Search for a Managed Monetary Standard

Part II: The Evolution of Keynes’ Thinking on Foreign Trade from World War I to World War II
Chapter 4: Keynes’ Early Foreign Trade Views
Chapter 5: Keynes’ Views on Commercial Policy in his Treatise on Money
Chapter 6: Keynes’ Endorsement of Protectionism as a Solution to Britain’s Economic Problems
Chapter 7: Keynes’ Proposal for a Revenue Tariff
Chapter 8: Keynes’ Advocacy of National Autarky for Great Britain

Part III: The General Theory of Employment, Interest and Money and its Relevance for Keynes’ Foreign Trade Views
Chapter 9: The Implications of Keynes’ Theory of Employment and his Reflections on the Mercantilists for Orthodox Free Trade

Part IV: Keynes’ Views on Foreign Trade during and after World War II
Chapter 10: Keynes and the Currency Proposals for the Expansion of Multilateral International Trade following the End of World War II
Chapter 11: Keynes and the Anglo-American Loan
Chapter 12: Summary and Conclusions

References
About the Author

Editorial Reviews

Keynes’s subtle policy shifts on the trade question over time are captured and explained by Cammarosano. The reader gains a grasp of Keynes’s thought processes and of the economic theory and economic history that fed them. Keynes came to understand that neither perfectly free trade nor protectionism provide all of the needed answers. He sought to balance the long-run advantages of free trade with the short-run advantages of sheltering the domestic economy in the face of less than full employment.

Jesse T. Richman

Joseph Cammarosano provides a much needed and meticulously researched account of the evolution of Keynes's views on free trade in the broader context of his thoughts on internal and external balance and the international monetary system. He convincingly shows how, despite changes in his views on the matter over time, Keynes was consistent in becoming increasingly more committed to pragmatic trade policies that further social justice and the common good rather than to a dogmatic adherence to free trade. Therefore, when he thought that the conditions for the UK warranted it, Keynes opposed orthodoxy by espousing protectionism. John Maynard Keynes: Free Trader or Protectionist? also nicely exposes the vacuity of the widespread branding of those who rebel against free trade fundamentalism with the disparaging label ‘protectionist’.

Amitava Krishna Dutt

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.

Economic History Review