Word: cancellaton
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...problem of international indebtedness is here pertinent only in so far as it may affect the price situation. Cancellaton of all such debts would obviously help the debtor countries to carry through policies of drastic deflation but would not necessarily mean that such policies would, or could, be adopted. On the other hand, if these debts are to be paid, it must inevitably happen that the price of international commodities will be higher in creditor than in debtor nations, since otherwise payment cannot be made. Deflation in the creditor nations must, therefore, mean severe presure upon debtor countries; while inflation...
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