The World Economy: The New Phase

"We have entered into a new phase of the postwar development," said West Germany's Federal Bank President Karl Blessing last week: "It is marked by the end of creeping inflation in the U.S. and reduced growth in Europe."

Though non-Communist Asia and Europe are still expanding economically, they are doing so far more slowly than a few years ago. Last week the Common Market Commission reported a still further "tendency for expansion to slow down" among the Six. The free world lag, says top Japanese Economist Ryokichi Minobe, "is not so much a slowdown of a recession nature,...

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