Chapter 21 - The Economics of Generosity in Ford, Conrad, and Keynes

Summary

One of Ford’s heart patients in The Good Soldier (1915), a Mr Hurlbird, has a habit of handing out ‘cool California oranges’ to everyone he meets. Ford offers little explanation for this behaviour beyond the clue that Hurlbird is a ‘violent Democrat’ – a phrase that would perhaps have conjured in the minds of contemporary readers the endeavours of William Jennings Bryan and other economic pragmatists to introduce a version of what we would now call ‘quantitative easing’: namely, an agreement from the US central bank to print money according to demand. This chapter proposes that British attitudes towards monetary value in the first two decades of the twentieth century were beginning to give way to the influence of American pragmatists like Bryan. Keynes writes in an essay of 1923: ‘The fluctuations in the value of money since 1914 have been on a scale so great as to constitute … one of the most significant events in the economic history of the world.’ Monetary value was beginning to change its character from a non-negotiable essence to an instrument of policy. This chapter traces the imprint of this incipient British economic pragmatism in the work of Keynes, Conrad, and Ford.