Reviewing economic developments in 1931, a leading official of the central statistical agency frankly stated that ‘the entire increase in the national income in 1931 went into accumulationconsumption declined in absolute as well as relative terms.1 Investment in the socialised sector of the economy, measured in current prices, increased by over 50 per cent (see Table 2); Western estimates suggest that, in view of the rise in investment costs, the increase in real terms was about 20 per cent.2


Foreign Trade Steel Industry Civil Aviation Current Prex Foreign Debt 
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© R. W. Davies 1996

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