World Economic Survey 1957

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World Economic Survey 1957 examines the problem of inflation, analysing its nature as well as recent governmental anti-inflationary policies, with particular emphasis on the role of monetary policies. Both demand and cost elements, as well as the significance of monetary factors are reviewed. The Survey also highlights recent events in the world economy, paying special attention to the factors underlying the recessionary trends that emerged in 1957, and provides an economic outlook for 1958.



Inflation in industrial countries

Widespread concern has been voiced about the increases in prices which have accompanied the growth in economic activity in the industrial countries since about 1954. Stabilization of the cost of living from 1952 to 1954 had encouraged the hope that an end had come to the long period of post-war price inflation which had begun with the reconstruction boom from 1946 to 1948, had continued in many countries as a direct result of the devaluations of 1949, and had reached a climax: during the early phases of the Korean conflict. This hope proved vain, however, and the upward course of prices was resumed during 1954 or 1955, and continued into 1958, long after the greatest pressures of demand had subsided in most countries and production had, in some cases, already begun to fall.


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