Robbins had been impressed by the published work of Hayek and von Mises, and their influence is particularly clear in his notorious account of the depression. The American Crash of 1929 had not directly created an international depression, but it undeniably marked the end of a brief period of international economic recovery. Britain departed from the Gold Standard in September 1931 and responded to the growing crisis by electing a new national government the following month. This government proceeded to abandon free trade for protection, introducing commodity boards to promote and subsidize domestic production. These developments led Maynard Keynes to entirely recast his arguments on employment and trade, recognizing that the new policy regime could not simply be wished away. This was an important element in the drafting and composition of his 1936 General Theory of Employment, Interest and Money.

Philip Mirowski & Dieter Plehwe (eds.), The Road from Mont Pèlerin, loc. 397