The aim of this paper is to assess to what extent Keynes, or any other speculator, could ever have used the theory of futures contracts he formulated in the 1920s as the guiding principle for their investment strategy and what light the theory can shed on speculative behaviour. To this end, we...

"A century ago, John Maynard Keynes entered the Treasury to serve his country during the First World War, but as is well known, appalled by the terms of the end-of-war Treaty of Versailles, he abandoned the British delegation, outlining the predictable adverse results in the Economic...