The Economic Consequences of Mr. Churchill.

London: Published by Leonard and Virginia Woolf at the Hogarth Press,, 1925. First edition, first impression, of Keynes's refutation of the then-Chancellor of the Exchequer's decision to return Britain to the gold standard. Winston Churchill announced the return to gold on 28 April 1925. Keynes had personally advised him against this, arguing that the policy would cause higher unemployment, deflation, and reduced wages. Keynes originally developed these arguments in a series of articles rejected by The Times but published in Beaverbrook's Evening Standard. The pamphlet is among the most fragile and the most prescient of Keynes's well-known works. Most subsequent historical analysis has agreed that Churchill's policy led to the economic stagnation seen in the following years. The decision was ultimately reversed, and the pound was permanently unpegged from gold in 1931. Keynes further developed the monetary arguments he made here into his 1930 Treatise of Money. Octavo. Original green wrappers, front wrapper lettered and rear wrapper with publisher's device in black. Tables in the text. Light sunning and marking, loss to upper outer corner of front wrapper, not affecting text, minor toning to edges and content margins: a very good copy of a notably fragile work. Moggridge C4.1; Woolmer 66.