Foreign News: Help Wanted

By midsummer 1950, five years and eight billion EGA dollars after V-J day, Western Europe was nicely back on its feet. Its industrial production was higher than in 1938. Then came Korea. Prodded by the U.S., Europe grudgingly agreed to rearm. U.S. arms production got going first, though slowly (see NATIONAL AFFAIRS), and in the worldwide inflation that followed, Europe's convalescing economy suffered a setback. Last week, in two countries, it was in perilous condition.

No More Steak-Hunting. The worst case was Britain's. Short of coal, food and labor, Britain is going broke at the rate of $2 billion annually. In...

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!