Money: Looking for Change

The U.S. balance-of-payments deficit is the least-understood major problem facing the nation today. Many of the businessmen most affected by it confess that they do not grasp all its vagaries and nuances. But they are convinced that when a relatively modest $3 billion deficit forces a nation with a $650 billion economy to reduce its role in international finance, then something is wrong with the world's bookkeeping.

Last week a top business spokesman, Arthur K. Watson. 45, chairman of IBM World Trade Corp. and youneer brother of IBM Chief Thomas J. Wat...

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