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differences of opinion take alarm and
BACKGROUND FOR PARTNERSHIP
fear for the future. How much more
there would be to fear if there was no
discussion, no frank, healthy argu-
ment! It is only when relations are
2. Britain: An Economy
distant and contacts infrequent that
differences do not occur and discussion
is not needed; no one ever worried
Under Strain
about the relations of Imperial Rome
and the great Empire of China, for
they had no points of contact. But
BARBARA WARD
Britain and the United States have
PRESERVATION.COPV
innumerable points of contact, inter-
ests in every portion of the globe to
W
E NOW
industrial economy in the world. Dur-
harmonize and reconcile, and great
TAKE: to
ing 150 years of economic develop-
questions of policy to resolve if the
be a hall-
ment the British have built up an
action of each is to be aided and rein-
mark of bad art
economy which is between 80 and 90
forced by the action of the other. It is
and bad psychol-
per cent industrialized. Since, how-
because the relationship is so close
ogy to call a man
ever, the basis of this economy is a
and the habits of consultation so in-
by a simple epithet
small densely-populated island which
grained that discussion and argument
-Mr. Puff, a hypo-
provides only coal (and fish) in abun-
are always going on.
crite, or Lovelace,
dance and could hardly, under any
a philanderer. We
circumstances, feed its fifty millions,
IT
is not to be expected that the first
recognize men for
its whole industrial económy depends
thoughts of Britain and the United
complex creatures,
upon the purchase of essential sup-
States will always be the same. It
-Dorothy Wilding.
capable of change
plies abroad. Cut off trade and the
would be most unnatural if this were
and growth. Yet with organisms as var-
British economy is cut off at the roots.
so. Each is a great nation with its own
ious and complicated as national econo-
The starting point for an under-
history. The histories differ in all sorts
mies, many of us still seem to think one
standing of Britain's economic posi-
of ways and so do the experiences.
word enough; Britain is a "Socialist
tion is the state of its trade and com-
Contrast the great expansion of Brit-
economy," America "a monopoly capi-
merce. Indeed, anyone looking back
ain over the sea lanes of the world in
talism," and all is said. But economies
over the last six) years can only be
the last three or four centuries with
are like men. They grow and they
impressed by the extent to which
the continental expansion of the
change, and they are always under the
the balance of payments has been the
United States over the last near two
pressure of powerful external forces.
recurring theme of danger and near-
hundred years. In the British tradi-
To understand the British economy at
disaster-the run on sterling in 1947,
tion the oceans unite, the land divides.
all, one would do better to look at
for instance, the crisis of devaluation
The United States was made, as the
the forçes at work on it than to seek
in 1949, and now the new fall in re-
very name implies, by a great epic of
its definition in a paragraph or a
serves in 1951.
pioneering achievement which bound
word. At present the British economy
This precariousness springs from a
the two sides of the North American
is sharply worked on by the problem
double revolution in Britain's commer-
continent together in unity. And as the
of its external balance of payments,
cial position. The war turned Britain
histories differ, so do temperaments
by its internal crisis of inflation, and
from a creditor into the world's largest
and habits of thought and feeling. All
by the aggravation of both in the cold
debtor. It also completed the process
nations develop their specific quality
war. Under the impact of these three
of transferring economic supremacy
and individual character. How poor
Britain is what it is, and is also
from Britain to the United States.
Anglo-American relations would be if
changing all the time.
Since 1945 the free world_ has been
these differences of history, tempera-
The economy upon which these
able to follow this drama in concrete
ment, thought, and feeling did not
pressures are working is the oldest
form-in the shape of the relative
exist, if there were not always the
weakness of sterling and the immense
possibility that the one partner would
strength of the dollar-but under these
contribute out of his history and life
monetary symbols has lain a pro-
something the other has not got. It is
found reorientation in the economic
natural and right that Anglo-American
forces of the world.
relations, to be close, firm, and healthy,
Before the war Britain as a creditor
should embrace discussion by which
nation and the center of a great free-
initial differences of approach are ex-
trading system, the Sterling Area,
amined and resolved.
could afford a passive trade balance
Occasionally a difference of opinion
and cover the gap with income from
threatens to go deeper. It is then that
foreign investments. The war and the
the occasion calls for care and hard
postwar period háve seen not only a
work, for when a difference occurs
massive liquidation of British invest-
GRIM
over a large question of policy the
ments, but an accumulation of some
consequences threaten to spread out
eleven billion dollars in war debts to
into ever further divergencies. In re-
cent months many have felt that the
differences of view between the United
Barbara Ward was for many years
States and Britain about China were
an editor 'on the influential British
of this character. The origins of this
-From the Louisville Times.
weekly The Economist. Her latest
difference go back some little way in
books are "The West at Bay" (1948)
(Continued on page 59)
"Britain Always Wins the Last Battle."
and "Policy for the West" (1951).
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"ocrText": "14\ndifferences of opinion take alarm and\nBACKGROUND FOR PARTNERSHIP\nfear for the future. How much more\nthere would be to fear if there was no\ndiscussion, no frank, healthy argu-\nment! It is only when relations are\n2. Britain: An Economy\ndistant and contacts infrequent that\ndifferences do not occur and discussion\nis not needed; no one ever worried\nUnder Strain\nabout the relations of Imperial Rome\nand the great Empire of China, for\nthey had no points of contact. But\nBARBARA WARD\nBritain and the United States have\nPRESERVATION.COPV\ninnumerable points of contact, inter-\nests in every portion of the globe to\nW\nE NOW\nindustrial economy in the world. Dur-\nharmonize and reconcile, and great\nTAKE: to\ning 150 years of economic develop-\nquestions of policy to resolve if the\nbe a hall-\nment the British have built up an\naction of each is to be aided and rein-\nmark of bad art\neconomy which is between 80 and 90\nforced by the action of the other. It is\nand bad psychol-\nper cent industrialized. Since, how-\nbecause the relationship is so close\nogy to call a man\never, the basis of this economy is a\nand the habits of consultation so in-\nby a simple epithet\nsmall densely-populated island which\ngrained that discussion and argument\n-Mr. Puff, a hypo-\nprovides only coal (and fish) in abun-\nare always going on.\ncrite, or Lovelace,\ndance and could hardly, under any\na philanderer. We\ncircumstances, feed its fifty millions,\nIT\nis not to be expected that the first\nrecognize men for\nits whole industrial económy depends\nthoughts of Britain and the United\ncomplex creatures,\nupon the purchase of essential sup-\nStates will always be the same. It\n-Dorothy Wilding.\ncapable of change\nplies abroad. Cut off trade and the\nwould be most unnatural if this were\nand growth. Yet with organisms as var-\nBritish economy is cut off at the roots.\nso. Each is a great nation with its own\nious and complicated as national econo-\nThe starting point for an under-\nhistory. The histories differ in all sorts\nmies, many of us still seem to think one\nstanding of Britain's economic posi-\nof ways and so do the experiences.\nword enough; Britain is a \"Socialist\ntion is the state of its trade and com-\nContrast the great expansion of Brit-\neconomy,\" America \"a monopoly capi-\nmerce. Indeed, anyone looking back\nain over the sea lanes of the world in\ntalism,\" and all is said. But economies\nover the last six) years can only be\nthe last three or four centuries with\nare like men. They grow and they\nimpressed by the extent to which\nthe continental expansion of the\nchange, and they are always under the\nthe balance of payments has been the\nUnited States over the last near two\npressure of powerful external forces.\nrecurring theme of danger and near-\nhundred years. In the British tradi-\nTo understand the British economy at\ndisaster-the run on sterling in 1947,\ntion the oceans unite, the land divides.\nall, one would do better to look at\nfor instance, the crisis of devaluation\nThe United States was made, as the\nthe forçes at work on it than to seek\nin 1949, and now the new fall in re-\nvery name implies, by a great epic of\nits definition in a paragraph or a\nserves in 1951.\npioneering achievement which bound\nword. At present the British economy\nThis precariousness springs from a\nthe two sides of the North American\nis sharply worked on by the problem\ndouble revolution in Britain's commer-\ncontinent together in unity. And as the\nof its external balance of payments,\ncial position. The war turned Britain\nhistories differ, so do temperaments\nby its internal crisis of inflation, and\nfrom a creditor into the world's largest\nand habits of thought and feeling. All\nby the aggravation of both in the cold\ndebtor. It also completed the process\nnations develop their specific quality\nwar. Under the impact of these three\nof transferring economic supremacy\nand individual character. How poor\nBritain is what it is, and is also\nfrom Britain to the United States.\nAnglo-American relations would be if\nchanging all the time.\nSince 1945 the free world_ has been\nthese differences of history, tempera-\nThe economy upon which these\nable to follow this drama in concrete\nment, thought, and feeling did not\npressures are working is the oldest\nform-in the shape of the relative\nexist, if there were not always the\nweakness of sterling and the immense\npossibility that the one partner would\nstrength of the dollar-but under these\ncontribute out of his history and life\nmonetary symbols has lain a pro-\nsomething the other has not got. It is\nfound reorientation in the economic\nnatural and right that Anglo-American\nforces of the world.\nrelations, to be close, firm, and healthy,\nBefore the war Britain as a creditor\nshould embrace discussion by which\nnation and the center of a great free-\ninitial differences of approach are ex-\ntrading system, the Sterling Area,\namined and resolved.\ncould afford a passive trade balance\nOccasionally a difference of opinion\nand cover the gap with income from\nthreatens to go deeper. It is then that\nforeign investments. The war and the\nthe occasion calls for care and hard\npostwar period háve seen not only a\nwork, for when a difference occurs\nmassive liquidation of British invest-\nGRIM\nover a large question of policy the\nments, but an accumulation of some\nconsequences threaten to spread out\neleven billion dollars in war debts to\ninto ever further divergencies. In re-\ncent months many have felt that the\ndifferences of view between the United\nBarbara Ward was for many years\nStates and Britain about China were\nan editor 'on the influential British\nof this character. The origins of this\n-From the Louisville Times.\nweekly The Economist. Her latest\ndifference go back some little way in\nbooks are \"The West at Bay\" (1948)\n(Continued on page 59)\n\"Britain Always Wins the Last Battle.\"\nand \"Policy for the West\" (1951)."
}