Burke, Kathleen (ed.), War and State: The Transformation of British Government, 1914 1919 (1982 - Essay Example

After the initial world war, the government of Britain tried to bring back the prevailing calm before the war period. This policy involved swapping of fixed exchange rates on free trade, capital mobility and the gold standard and the involvement of the government in the forfeit of local monetary policy. However, the endeavor became more complicated during the period linking 1919 to 1931. The growing consideration of the local, political, and economic consequences limited the pursuit of the global economic policies.

In the course of 1930s, a novel policy swap surfaced protectionism, capital controls along with controlled exchange rates with an increased consideration of the local monetary policy. This book evaluates the grounds for the surfacing of limitations and the ensuing removal of the previous swap with regard to established variables. Alterations in economic performance along with its effect of varied actors, the considerations of national debt in addition to limitations on interest rates, the effect of capital exports on the repayment of debt as well as an option to interest rates in affecting the exchanges.

Adjustment in postulations regarding suppleness of wages and expenses and finally a breakdown in governance culture of liberal trade and gold were put into consideration. Through this book, the contributions of John Maynard Keynes are well documented in the sense that the author offers the perspective of economic and political considerations of that time through the lens of different thinkers. Therefore, the book offers a historical perspective of the post war period. The book is also a compilation of the varied contributions of thinkers who played a role in shaping the economic and political thought of the time towards better economic management.

It is evident from the book that Keynes contributed immensely to the development of economic