Word: bilaterall
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A Revolution of Sorts. At the bottom of the crisis was a by now familiar phenomenon-the yawning "dollar gap," i.e., the fact that Britain, like most of the rest of the world, spends more dollars than it earns in the U.S. The British have tried to meet the situation...
In reply to charges that Britain's bilateral trade policies were due to "doctrinaire socialism," the Economist wrote: "British commercial policies, with a few exceptions, are imposed by the facts of the case . . . When the United States Government comes up against comparable problems, as in Germany and Austria, it...
High prices, the world's shift from a sellers' to a buyers' market and the reluctance of foreign traders to buy British as long as rumors persisted that Britain would devalue the pound, had cut deeply into Britain's dollar and gold reserves. The danger point...
Cripps, horrified as a Scottish housewife would be at an invitation to gamble with the grocery money, feared that Britain could not budget through bilateral deals if transferability destroyed its certainty about how many dollars it would have.
Cripps had agreed to transferability, although the amount of drawing rights that could be transferred was cut from 40% to 25%. Since this would cost Britain only $50 million a year at most, Cripps had won a victory in terms of cash. ECA and the Belgians were content in having...