Notes
1 Some readers might not be familiar with the expression "smoking gun" used here. In a murder mystery, the police may have collected a good deal of circumstantial evidence that a particular suspect is guilty, but do not have enough evidence to ensure conviction in a trial.
What is needed is additional evidence that will guarantee a guilty verdict; for example, someone who saw the "smoking gun" used to kill the victim in the hands of the murderer.2 See, for example, pages 3, 23, 274, 341, 348, and 412.
3 The Local Loans Fund was a central fund that could be used to finance investment by Local Authorities and other bodies that were permitted by law to borrow from it.
4 Over the life of the Trade Facilities Act from 1921 to 1927, guarantees were given for a total of £74 million worth of private-sector borrowing.
5 For example, an important but not fully worked-out regulation is that when private companies become very powerful within their industry, BIF proposed that they be forced to register with the Board of Trade as "Public Corporations" subject to the regulatory powers of the Board and a new government body called the Trust Tribunal.
6 This was a central assumption of Schumpeter's theory of competition as well (see Schumpeter, 1946).
7 Keynes's efforts on behalf of the Liberal Party in this election were not rewarded. Labour won the election with 288 seats in the House of Commons, while the Conservatives took 260 seats and the Liberals 59.
8 It might seem odd to use the Liberal Industrial Inquiry as corroboration for Keynes's first thesis since he himself was so heavily involved in its research and writing. But since Pollard cites the study without criticizing its methods or conclusions, the reader must assume he believed it to be a reliable source.
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