Keynes on International Compensation The 1930s and the Design of the Plan for an International Clearing Union

The main contribution of the Keynes Plan was to transpose the logic of compensation systems to the international monetary system, following two decisive elements: Keynes’ analysis of the functioning of banking systems, and the context inherited from the 1930s, which excluded the return to laissez-faire policies, not only in the area of national economic policies, but also in that of the integration of economies into international trade.