STATE OF BUSINESS: The New Environment

In the face of bleak talk about the U.S. economy, Treasury Secretary Robert Anderson, who has a good record in calling the economic turns, last week took a strong and positive position. Speaking before the joint meeting of the International Monetary Fund and the World Bank in Washington, Anderson said: "It is my view that the outlook for economic activity in this country is favorable, both for the near future and for many years ahead."

What has happened to the U.S. economy, said Anderson, is no recession but "fundamental readjustments: I refer to the fact that the economic environment of...

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