Keynes y el retorno al patrón oro del Reino Unido en 1925. La dificultad de la devaluación interna

This article sets out to describe the microeconomic effects in a developed economy of attempts to implement an internal devaluation to correct a real overvaluation of its currency and thus make it more competitive internationally. The study focuses on the experience of the UK in 1925, with the return to the gold standard, and draws a parallel with the current process of internal devaluation in the Spanish economy. The arguments put forward by Keynes are detailed in regard to the economic and political consequences of returning to the gold standard, and the clash on grounds of theory with the prevailing orthodox thinking of the time. The recurrence of events and situations and the way in which current arguments on policy and objectives echo those of that period are used to provide insight into the current situation of the Spanish economy within the euro area.