International Economy: Beyond the Dollar

Because the fortunes of the free world's industrial nations are so intertwined, troubles tend to spread—like a run in a woman's stocking. Part of Wall Street's recent skittishness has been laid to concern about some weak spots that have appeared in the world economy. Many stock markets abroad have suffered bad falls of late: last week stock prices in Tokyo sank to a five-year low (then rallied 3%), and the French Government, in an unprecedented move, admitted that it had intervened to support the price of some shares on the Bourse. There are certainly some bothersome problems in a...

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