To sell their recipes, the austerity advocates leaned heavily on a “crowding out” argument— a battle horse of the British Treasury— that the British delegates shared during the conference discussions: “Since there is not enough capital to go round, which is to have it— governments or private industry? . . . Th e more capital is absorbed by Governments, the less is available for private industry. . . . Which is likely to use capital more productively, Governments or private industry? Th e answer is in favor of private industry” (ibid., 17).

Clara E. Mattei, The Capital Order, loc. 787