It is 21 years since peace came to Western Europe, and the Continent's postwar economies have reached a high measure of maturity. They continue to grow, but not nearly at the breathless rate of a few years ago. Western Europe's economic growth rate in 1964 raced along at a 5.6% annual pace; last year it slowed to 3.5%. In 1966, by most estimates, it will slow down further, to somewhere between 3% and 3.5% . Little if any of this trend can be attributed to consumers; the cause lies in conscious and calculated...
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