Volume 24

In this volume, the third of three concerned with Keynes's involvement in the problems of financing Britain's war effort after 1939, the concentration is on the final stages of lend lease and the negotiations with the United States for the transition to peacetime conditions and the 1945 loan to Britain.

In 1936 Keynes published the most provocative book written by any economist of his generation. The General Theory, as it is known to all economists, cut through all the Gordian Knots of pre-Keynesian discussion of the trade cycle and propounded a new approach to the determination of the level of economic activity, the problems of employment and unemployment and the causes of inflation. Arguments about the book continued until his death in 1946 and still continue today. Despite all that has been written in the subsequent years, Keynes and his book still represent the turning point between the old economics and the new from which each generation of economists needs to take its inspiration.

This volume, with its companion, Volume 14, provides all the surviving letters, drafts and articles arising from Keynes's work as a monetary economist between 1924 and 1939. It contains wherever possible both sides of all correspondence concerning his Treatise on Money and General Theory, both before and after publication, as well as complete texts of all surviving drafts of both works. In addition it contains important correspondence concerning D. H. Robertson's Banking Policy and the Price Level and such post-General Theory contributions as R. F. Harrod's first work on the theory of economic growth. As such, it provides a remarkable chronicle of one man's intellectual development over the quarter of a century that saw a revolution in economics.

In this volume are collected together papers relating to the composition and defense of The General Theory, discovered at Tilton in 1976.

John Maynard Keynes (1883-1946) was without doubt one of the most influential thinkers of the twentieth century. His work revolutionised the theory and practice of modern economics. It has had a profound impact on the way economics is taught and written, and on economic policy, around the world. The Collected Writings of John Maynard Keynes, published in full in electronic and paperback format for the first time, makes available in thirty volumes all of Keynes's published books and articles. This includes writings from his time in the India Office and Treasury, correspondence in which he developed his ideas in discussion with fellow economists, and correspondence relating to public affairs. Arguments about Keynes's work have continued long beyond his lifetime, but his ideas remain central to any understanding of modern economics, and a point of departure from which each new generation of economists draws inspiration.

This volume, together with volumes 13 and 29, provides an insight into the development of Keynes's thinking in the monetary field from the time of the Tract in 1923 to the Treatise in 1930, onward to The General Theory in 1936, and after its publication.

Most of the essays in this book were first collected together in October 1931, immediately after Britain had left the gold standard. They reflected Keynes's attempts over the previous dozen years to influence public opinion and policy over the Treaty of Versailles, over which he had resigned from the Treasury in June 1919, reparations and inter-allied war debts, stabilisation policy, the gold standard and the shape of liberal politics in Britain. In 1972 the essays were reprinted with the full texts of the pamphlets Can Lloyd George Do It?, The Economic Consequences of Mr Churchill, A Short View of Russia and The End of Laissez Faire. At that time, the full texts of his two post-1931 pamphlets The Means to Prosperity and How to Pay for the War were added. The book contains examples of Keynes's finest writing on economic policy and politics. This edition includes an introduction by Donald Moggridge.

The Economic Consequences of the Peace was written by Maynard Keynes in 1919 following his resignation as Treasury representative at the Peace Conference at Versailles. It was this work that first made Maynard Keynes's name a household word, a figure of hatred and public criticism to some, a rallying point for rational thought and action to others. Written in the white heat of anger and despair, it vividly conveys to later generations Keynes's horror that clear thinking, human compassion and solemn pledges had been, in his eyes, destroyed by political opportunism.