John Maynard Keynes put forward a number of proposals to reshape the international monetary system. Although variegated, they do have one characteristic in commonâthe rejection of freely flexible exchange ratesâwhich, in a sense, is like a prism refracting the different shades of his many reform plans. This is somewhat puzzling insofar as it clashes with Keynesâs call for activist monetary policy. Indian Currency and Finance sheds light on the origins and arguments underlying this peculiar feature and is accordingly most significant in the development of Keynesâs work on the international monetary system.
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