Ever since the second World War, the Western countries of the world have faced serious economic problems. A distorted and abnormal economy, which has resulted in uneven and disturbed progress towards recovery and prosperity, has persisted for nearly twelve years. From 1945 onwards the hectic period of recovery, of rehabilitation and development of peace‐time industry, the change‐over from arms to peaceful production ran its full course; once again its momentum has been reversed to concentrate on rearmament and defence.
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