Time & again since war's end, Britons have been told that they had rounded the corner to economic recovery. Time & again, they have found that just around the corner was another crisis. In the face of each new crisis, Britons worked harder than ever before; industrial production boomed to 40% above the prewar level. But Britain was finding it increasingly hard to get dollars in exchange for its sweat and toil.
This year, British exports to dollar areas, after a year of steady climb, turned sharply downward; for the first two months,...
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