Business: Competition Goes Global

1962 was a year when businessmen thought something worse was just around the corner, and it turned out not to be.

Measuring their final profits statements against their yearlong apprehensions, many businessmen at year's end might sigh along with Mark Twain: "I have known a great many troubles, but most of them never happened." It was that way in nearly all the world's industrialized nations—a year of growth but not of boom. Western European businessmen, lately accustomed to seeing their economies expand by more than 7% a...

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