ABSTRACT
John Maynard Keynes, being an expansionist, argued that such a contractionist program would be extremely wasteful and would not help to solve the twin problems of unemployment and an adverse balance. Keynes offered his own plan for improving the current balance of trade on income account and for dealing with the problem of unemployment. Keynes' support of a restrictionist policy was couched largely in the same language as that used by him earlier in the year in support of the revenue tariff. Keynes marshalled all the powers of his mighty intellect to develop a water-tight case for British protection. Some of the events that led to Great Britain's decision to abandon the gold standard. Rearmed with these reserves, the British Central Bank was able to re-enter the foreign exchange market and lend support to the pound. Great Britain became immersed in greater economic difficulties, particularly with respect to her foreign trade balance.
