World Business, Commonwealth: Where Else to Turn


Since Britain appeared to be shut out of the Common Market, at least for now, its businessmen were already engaged in looking where else to turn. For some, among whom the noisiest was Lord Beaverbrook, the best alternative was to whip the Commonwealth into a kind of super common market. Composed of 16 nations that are threaded together by a complicated system of preferential tariff agreements, the Commonwealth has a population of 715 million, accounts for 23% of the world's trade. The Commonwealth, India's Nehru once mused, is "a rather strange and...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!