Abstract
Let us now turn to the demand side and analyse the influence of the balance of payments on British and Continental rates of growth. This influence, I argued in Chapter I, may have worked through two channels. On the one hand, it is possible that the level of investment has been determined directly by the rate of growth of exports; hence the slower growth of British exports might have been one of the causes of the lower rate of capital formation in the United Kingdom. The decline of real fixed investment in British manufacturing industry in 1952–53 and in 1958–59, which occurred simultaneously with a slight drop in exports, makes this argument quite plausible.
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Notes
For instance : Sir Roy Harrod, Policy Against Inflation, London, Macmillan, 1958, esp. pp. 108–24; A. G. L. Day, The Future of Sterling, Oxford, Oxford University Press;
Andrew Shonfield, British Economic Policy Since the War, Harmondsworth, Penguin Special, 1958.
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© 1963 A. Lamfalussy
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Lamfalussy, A. (1963). The Balance of Payments. In: The United Kingdom and the Six. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-81717-7_4
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DOI: https://doi.org/10.1007/978-1-349-81717-7_4
Publisher Name: Palgrave Macmillan, London
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