Word: british
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Dates: during 1940-1949
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Generally optimistic views over the British action and its effects on west and East came from seven of the University's economic experts--men familiar with the problem through work with the Economic Cooperation Administration the University's Russian Research Center, and through general studies in the field of international trade. Of these men, only one was not convinced that devaluation had at least al fair chance of solving Britain's economic woes...
...With a four dollar pound it was much less profitable for British sellers to export to the dollar area than to the soft-currency areas. the thirty per cent devaluation should now make exports to the United States just about as profitable as to the non-dollar areas," Smithies points out. "I doubt if anything besides devaluation would have worked. And without devaluation the United States either would have to continue subsidizing Britain beyond 1952 or else abandon her to wrestle with the financial crisis that would seem bound to occur...
...biggest threats to the success of the devaluation is the possibility that British wages and other costs will arise. Professor Smithies is optimistic about this point: "I think British costs can stay down because I don't believe there is much likelihood that wages will rise by much. And even if wages and costs should rise somewhat, they can't possible rise by the thirty per cent of devaluation...
Also glad to see devaluation but qualifying his optimism with certain reservations in John H. Williams, Ropes Professor of Political Economy. Professor Williams has been consultant for the Economic Cooperation Administration and the Organization for European Economic Cooperation and is the author of "The British Crisis," an article currently appearing in Foreign Affairs Magazine...
...When in Manhattan, he lives in a nine-room apartment in a quietly elegant midtown hotel. Born in North Carolina, Heineman went to Europe at 16 and stayed there almost half a century building electric tramways and power plants (including Ebro) in a dozen countries, with U.S., British, Belgian, Swiss and French capital...