Challenge magazine has always been an important outlet for work that falls somewhere between academic papers aimed at economists and more journalistic pieces intended for a broader audience. Jeff Madrick, who served as editor for many years, also emphasized the magazine's commitment to publishing conventional and heterodox perspectives side by side, fostering a genuinely open and pluralistic space for economic debate. I first published an article there in 2000, on Keynes' views on exchange rates. Challenge is now back, under a new editorial team, and I was invited to contribute. My new article, which has just been published, examines Keynes' views on foreign debt and the external constraint, and draws some lessons for contemporary debates on these issues.
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