In the summer of 1960 the nations of Europe were thriving with a prosperity that they had never before known. But in the midst of soaring statistics and optimism, there was one exception: Great Britain, which was again reminded of how perilous a trader's prosperity can be.
Britain's books were out of balance. In the first quarter, world exports of manufactured goods were up 26% from 1959, common-market exports up 37%. But British exports were up just 17%. British imports have been growing faster than exports all year, and the May balance with the U.S. was the worst of all—exports...
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