GREAT BRITAIN: Big Five v. Big Swapping

Throwing back his broad Scottish shoulders and slightly twitching the muscles of his neck, as he always does before saying something important, Prime Minister James Ramsay MacDonald declared to a roomful of correspondents: "The problem, as I see it, is not merely the recovery of this nation but the restarting of the commerce of the world. We must have a conference to boldly tackle this much bigger problem in all its aspects."

Thus spoke the Scot in May. On July 13 he proposed to President Hoover a World Economic Conference. Out of...

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