The Balance of Payments: Cross-section of a Nation’s Trade
The balance of payments is one of the most important statistical statements for any country. It shows the variations in its foreign earnings, capital and current, and in the international transfers which affect it. From it may be inferred the effect of foreign transactions on its national income and on its capital position in relation to other countries. On the changing picture which it reveals must be based the manifold decisions which we collectively refer to as ‘international economic policy’.
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