chapter  5
Lecturing and electioneering
Pages 47

According to De Cecco, Keynes's vision of the pre-war world order as based on the idea that the international economy is composed of nations that share a given and fairly homogeneous level of development. During the election campaign of Lloyd George said that it is almost impossible to prevent unemployment, because 'business is as difficult as the weather. The exceptions of the lectures on 'Principles of Economics', all the subjects dealt with the lectures are linked by the common thread of money and related institutions. In 1909, at Cambridge, Fisher's Rate of Interest was a standard reference on the relation between nominal and real rates of interest, although this was by no means a deviation from Marshallian orthodoxy. The new trend taken by national politics, the apparent split that had divided the Liberals on imperialism rapidly vanished when Asquith and Lloyd George removed the main economic reason that had prompted Hobson and Hobhouse to oppose imperialism.