ABSTRACT
In the UK and across Europe in the second half of the 1920s, various important political and economic developments were progressing at a fast pace. In 1925, an Unemployed Insurance Act was passed in the UK, giving workers some increased measure of assistance if they lost their jobs and extending the 1911 Act formulated by David Lloyd George. From 1926 onwards, problems with a decline in the exchange rate of the French franc risked widespread political disruption, and in Germany in 1927, a looming financial crisis threatened to scupper the whole European war repayments scheme. Keynes continued to write insightful commentary on the reparations problem, which had become firmly enmeshed with various other ongoing economic issues such as the international role of the gold standard and the rising importance of the USA in the world economy.
