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Its certainly valid to say that the obsession with fixing the value of the Pound has done more damage than any other single element of economics. The issue neatly parallels the economic decline of the UK and the final release from this obsession (against the will of the PM of the day)pressaged a long periode of steady growth and much changed circumstances.However mucking around with post WWI periode alters things so far we'd have no real basis for any scenario, just hypothosis ontop of hypothosis. Too far back and too many variables.It is true to say that ROBOT was probably too far ahead of its time after the nationalisations of the '45 governement where the UK economy was still climbing out of 'full on war making mode' and its that which so hinders economics of the periode.One can take a neat locus of branches for 1945, dependant on which decision is taken once the flow of US money suddenly cuts out. There was a good argument to say the US should indeed have gifted some monies instead of lent them, but Keynes was the wrong man to make that argument, especialy so considering his state of health.At the time Keynes put forward two options, go to the US for money, or live within our means and of the US option there are several possible outcomes. Ranging from the full 6 billion as a gift to far harsher clauses of a loan at higher rates of interest.
Its certainly valid to say that the obsession with fixing the value of the Pound has done more damage than any other single element of economics. The issue neatly parallels the economic decline of the UK and the final release from this obsession (against the will of the PM of the day)pressaged a long periode of steady growth and much changed circumstances.
However mucking around with post WWI periode alters things so far we'd have no real basis for any scenario, just hypothosis ontop of hypothosis. Too far back and too many variables.
It is true to say that ROBOT was probably too far ahead of its time after the nationalisations of the '45 governement where the UK economy was still climbing out of 'full on war making mode' and its that which so hinders economics of the periode.
One can take a neat locus of branches for 1945, dependant on which decision is taken once the flow of US money suddenly cuts out. There was a good argument to say the US should indeed have gifted some monies instead of lent them, but Keynes was the wrong man to make that argument, especialy so considering his state of health.
At the time Keynes put forward two options, go to the US for money, or live within our means and of the US option there are several possible outcomes. Ranging from the full 6 billion as a gift to far harsher clauses of a loan at higher rates of interest.
