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Published online by Cambridge University Press: 22 May 2009
By the end of the 1950's Western Europe reached an economic position so different from that of a decade before that major new questions arose about the area's place in the world economy. It follows that the assumptions of United States economic policy toward Europe need to be re-examined in the new circumstances. Of central importance are questions about the degree and type of economic regionalism that the countries of Western Europe will pursue in the future. Their experience in the last decade and a half has provided unprecedented evidence of the compatibility of regionalism and globalism in some circumstances. As a result we are past the point at which the two tendencies can be thought of as necessarily sharply antithetical. American policy, which all along has sought to encourage a dual approach, has now to find ways of striking a new balance between regionalism and globalism, since the new circumstances have removed some of the important assumptions of the old policy.
1 With the important exception that clearings through the European Payments Union included trade with the sterling area and with the dependencies of Continental countries.
2 Hinshaw, Randall, Toward European Convertibility, International Finance Section, Princeton University, 11 1958, p. 22–31.Google Scholar
3 Triffin, R., “Tomorrow's Convertibility: Aims and Means of International Monetary Policy,” Banca Nazionale del Lavoro Quarterly Review, 06 1959, p. 131Google Scholar; the quotation summarizes the theme of Triffin's earlier article, “The Return to Convertibility: 1926–1931 and 1958-?, or Convertibility and the Morning After,” ibid., March 1959, p. 3–57.
4 On some of these problems, see Leduc, Gaston, “L'Organisation de la Zone-Franc: Evolution Récente et Vues d'Avenir,” Revue d'Économie Politique, 05–06 1959, p. 335–350Google Scholar; Pierre Moussa, “Fonctionnement et Equilibre de la Zone-Franc,” ibid., p. 351–361; Mathieu, Gilbert, “La Zone Franc: un ensemble mouvant et hétéroclite,” Le Monde (weekly edition), 08 6–12, 1959.Google Scholar
5 Statement of Charles P. Kindleberger, Professor of Economics, Massachusetts Institute of Technologoy, in International Influences on the American Economy, Part 5 of Employment, Growth, and Price Levels, Hearings before the Joint Economic Committee, 86th Cong., 1st sess., June 29-July 2, 1959, Washington, Government Printing Office, 1959, p. 954.
6 “Defense Expenditures Abroad,” Survey of Current Business, 11 1959, p. 15–17, 22Google Scholar. The figures include offshore procurement for the military assistance program which is counted again in military aid when the equipment is delivered to the ultimate recipient. About $180 million was spent in Western Europe for offshore procurement for the military aid program in 1958.
7 “The Regional Breakdown of the Balance of Payments in 1958,” Monthly Report Deutsche Bundesbank, 06 1959, p. 29Google Scholar. U.S. figures show payments to Germany of $656 million, about one-fifth of all U.S. defense expenditures abroad in 1958—Survey of Current Business, cited, p. 16.
8 Bernstein, Edward M., International Position of the U.S. Dollar, New York, Model, Roland & Stone, [1959], p. 10.Google Scholar
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12 Triffin, , “Tomorrow's Convertibility …,” cited, makes a number of proposals for new measures.Google Scholar
13 One of the most important accomplishments of the European Coal and Steel Community was its improvement of transport conditions. Even so, it has not brought about wholly satisfactory arrangements. The accomplishments and the obstacles are discussed in my book, The Schuman Plan, New York, Praeger (for the Council on Foreign Relations), 1959, Chap. 8.Google Scholar
14 The Schuman Plan, cited, sets this out in more detail, especially in Chap. 21.Google Scholar
15 The Schuman Plan, cited, p. 523–532.Google Scholar
16 The best analysis of the negotiations is Miriam Camps, The Free Trade Area Negotiations, Princeton, Princeton University, Center of International Studies, 02 10, 1959.Google ScholarPubMed