While the U.S. economy ran at full speed last year, Latin America's economy stumbled and lost ground, especially in the field of foreign trade. Last week, in Vol. I, No. I of its new and exhaustive Economic Bulletin for Latin America, the United Nations analyzed the trade recession—and spotted a trend that looked no better.
What Latin America really needs from foreign trade is enough return to buy the capital goods required to send its Johnny-come-lately industries into an upward spiral, lifting the people's standard of living. This "capacity to import" is set largely by the volume of exports of...
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