This chapter examines the development of Keynes's monetary thought in the context of Britain's return to the gold standard (opposed by Keynes) in 1925 and his unsuccessful attempt to develop a theory of macroeconomic fluctuations in his Treatise on Money. Keynes, who had predicted that rejoining...

R. G. Hawtrey, like J. M. Keynes, was a Cambridge graduate in mathematics, an Apostle, influenced by the Cambridge philosopher G. E. Moore, and connected to the Bloomsbury Group. Though eventually overshadowed by Keynes, Hawtrey, after publishing Currency and Credit in 1919, was in the front...