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The World Overseas

Published online by Cambridge University Press:  26 March 2020

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Extract

During the last twelve months there was some slowing down in the growth of industrial production in the main industrial countries as compared with the previous twelve months, but this occurred for the most part during the second half of 1964, with France and Italy registering actual falls in production, and output in the United States being adversely affected by the motor car strike in October. The first half of 1965 has seen a sharp acceleration of the rate of expansion overall, but this has by no means been the universal experience. French production has ceased to fall but remains stagnant and output in Italy is showing only a modest rise. One of the main factors in the high rate of expansion this year has been the exceptional rise in the United States, partly due to abnormal stockbuilding of motor cars and steel. Growth in Germany has been somewhat slower during 1965 as it has also in this country, and production in Japan, which increased by over 30 per cent during the last two years, has been completely stagnant this year (table 12).

Type
Research Article
Information
National Institute Economic Review , Volume 33 , August 1965 , pp. 22 - 32
Copyright
Copyright © 1965 National Institute of Economic and Social Research

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References

Notes

note (1) page 26 Mr. Ackley, Chairman of the Council of Economic Advisors said that ‘There is more danger of the economy running out of gas than of becoming overheated, but there is no expectation that it will run out of gas nor any intention of letting it do so’. He forecast a gross national product of $660 billion in 1965, about the same increase in money terms as last year. Another member of the Council of Economic Advisors, Mr. Otto Eckstein, said that’ Government policy is more firmly committed than ever to sustain balanced non-inflationary expansion’, and predicted’ many more months of solid expansion with unemployment falling to 4 per cent in two years’. (The Banker, July 1965, page 478.)

note (2) page 26 An increase in taxation to meet rising defence costs was expressly repudiated both by the Director of the Budget (Charles Schutze) and the Under Secretary of the Treasury (Joseph Barr) before a House-Senate Committee on fiscal policy. (US News and World Report, August 1965.)

note (3) page 26 This view is said to be held by the Secretary of the Treasury and has been argued strongly by the Chairman of the Chase Manhattan Bank. (The Banker, July 1965, page 479.)