Economies: Back Toward Normal

From Paris last week came an economic prognosis likely to cheer business men on both sides of the Atlantic. It was a 90-page report from the experts of the Organization for Economic Cooperation and Development. Its gist: the down days for Western economies are about over.

There had been fears that last year's tough but necessary measures taken to deflate the economies of the major industrial nations—including the U.S., Britain and Germany—might go too far, turning a mild downturn throughout much of the West into a crippling recession. Not so, says OECD. The average growth rate of production in the OECD's...

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