How Did Keynes Transform His Theory from the Tract into the Treatise?: Consideration Through Primary Material

The issue of reparations and war debts was one of the most serious problems facing the world in the interwar-period. The United States, concerned solely with war debts repayment, turned down not only the Allied proposal to link reparations and war debts, but also the British 1922 proposal to cancel the inter-Allied war debts. The return to the Gold Standard at pre-war parity in April 1925 may be seen as an aspect of Britain’s struggle to retain hegemony.