What did Keynes means by full employment? What did he mean by budgets deficits? and how did he propose to deal with the problem of what Alvin Hansen called 'secular stagnation'?

In this paper we outline the main theories of persisting high inflation and test them informally by reference to the three main attempts to stabilise the Russian macroeconomy between 1992-4. We then assess the prospects for the success of the fourth and current effort.

The argument of this paper is that was never enough agreement between Britain and United States on the 'rules of the game' to make the Bretton Woods Agreement any more than a form of words to paper over the cracks. There were far too many contractual escape clauses and 'voluntary misunderstandings'.