U.S. businessmen don't care much for inflation at home, but they have some reason to cheer when they see it in the other fellow's yard. The reason: it is good for U.S. exports. Right now Europe is plagued by inflation; Robert Marjolin, the Common Market's vice president, last week warned the six member nations that "severe measures" will have to be taken to halt it. Caught in a wage-price spiral that this year alone has boosted wages 19% in The Netherlands, European manufacturers are no longer able to cover increasing expenses out of their earnings, instead are raising...
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