‘Unstable, unreliable and temporary’: paper explores global co-operation

JM Keynes talks to Harry Dexter White, 1946
John Maynard Keynes (R) and the US Treasury's Harry Dexter White, 1946

Economic co-operation in the twentieth and twenty-first centuries has broadly followed John Maynard Keynes’s observation that it tends to be “unusual, unstable, complicated, unreliable [and] temporary”, new research finds.

The international financial system is facing a “fourth turning point” and could return to a co-operative outcome or go the way of Europe after the First World War, say Michael Bordo and Catherine Schenk in the working paper, published by the National Bureau of Economic

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