The dilemma of the O.E.E.C.

Abstract

The article sets forth the two alternate commercial policies between which the European countries must now choose, one aiming at self-sufficiency, the other at intensifying trade between the dollar area and the rest of the world. The first of these solutions would allow a momentary saving of dollars, but would entail the autarkic development of the several national productions, with sacrifices beyond the possibilities of the convalescent European economies. In giving reasons in support of the second alternative, the author defines the responsibilities of the participating countries and more especially of the United States in carrying out this policy and points out that the development of depressed areas in and out of Europe with American help might be decisive in “getting the wheel over the centre”.

JEL: F15