Business: A Keystone of the Free World

AS 1953 began, many economic prophets, both abroad and at home, publicly predicted an early U.S. recession or depression. But by year's end, despite the soothsayers' continuing gloom, the facts were plain: instead of a slump, the U.S. had racked up the greatest business year on record. Americans made more money and provided more things to spend it on than ever before. With only 7% of the world's population, the U.S. turned out 65% of the world's manufactured goods.

Not only did the U.S. economy prove its durability; it also proved its stability by...

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