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Description
This programme examines the reasons for the adoption of Keynes' theories by the British government during World War II. It also looks at how Keynes' policies were incorporated into governmental pol...icies after the war.
Metadata describing this Open University video programme
Module code and title: D284, National income and economic policy
Item code: D284; 02
First transmission date: 11-04-1979
Published: 1979
Rights Statement:
Restrictions on use:
Duration: 00:23:35
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Producer: Susan Boyd-Bowman
Contributor: Paul Roth
Publisher: BBC Open University
Keyword(s): Keynesianism; Macro Economics; World War
Footage description: The programme begins with film of unemployment marches and scenes from World War II. Paul Roth describes how Keynes foresaw that the spending needed for war could validate his General Theory. Using a recorded radio speech made by Keynes his concept of the multiplier effect is explained. Paul Roth describes the 'phoney-war' in Britain during 1939. Film is shown of town and country scenes in England, the German army on manoeuvres. Ernest Bevin making a speech calling for higher productivity and people working in an armament factory. Paul Roth argues that by 1940 the economy had reached full capacity, and that Keynes' importance lay in that his theories allowed him to develop a method for him to pay for the war without creating inflation. Keynes' arguments are described at length by Paul Roth. Contemporary film is shown in which Keynes advocates the National Saving Campaign. He then goes on to describe his plan of supplementing this saving with deferred spending or post-war credits. He argues that disposable incomes must not be allowed to increase because of the extra economic activity generated by the war, as this will lead to inflation in a fully employed economy. Paul Roth talks about Keynes' suggestions and explains how they would share the burden of the war more equitably, thus bringing the support of the trade unions to the war effort. Roth describes how Keynes' view was accepted by the government in 1940. Sir Kingsley Wood, in the first war budget, introduces post-war credits. Statistic data on the output and production of the economy was also collated for the first time. Film is shown of ration books, queues, and the armaments industry. Roth argues that the trend to control the economy was also seen in the introduction of rationing and centralised planning of the war economy. This continued after the war as successive governments pledged themselves to maintain high employment.
Master spool number: 6HT/72834
Production number: 00525_2425
Videofinder number: 153
Available to public: no