Much publicity has been given to tourism as a dollar‐earner for Europe. Looking at the travel statistics of the United States of America one cannot get rid of a feeling that the role of tourism as a means to close the dollar gap has been over‐emphasized. Certainly, much more Americans visited Europe in 1948 than in 1944, but compared with 1936 the difference is not so large and the figures of 1929 will not even be reached in 1950. In the long run, therefore, a substancial increase has not been achieved. It even seems to be a modest result, considering the fact that for six years travels to Europe have been barred and a pent‐up demand existed, and considering the fact that Americans have a substancially increased spending power.
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