Problems of Economic Union

adjustment America and Britain American clothing Atlantic Community balance of payments balance-of-payments Bank Benelux Britain to America British clothing clothing industry coal consumers consumption country's defense expenditure deficit country deficit members deflation direct controls duction economic union employment European Payments Union exchange equalization accounts exports factor movements factors of production federal foodstuffs free trade free-exchange market higher in America imports income and property inflation inflationary International Monetary Fund labor and capital land large number Lloyds Bank marginal product marginal utility Marshall Plan maximization of production member-states ment monetary transfers money costs money wage rates movement of labor national exchange equalization national governments necessary nomic optimization of trade output price charged principle problem product of labor raise ratio rearmament reduced regions relatively shift of demand social cost Sterling Area sumers Suppose surplus country surplus members tion tradable products union authority United Kingdom variable exchange rates