ABSTRACT
THE course of our return to world markets since 1945 has been full of changes. In judging of it, much depends on the point of view and on the temperament of the observer. A valid yardstick is frequently wanting, and comparisons with other countries and periods are apt to be deceptive. If one confines one's view to the last three years, one can fittingly speak of the sensational development of our foreign trade and refer to the current turnover of over DM.33 milliards. In that case it will be difficult to convince our worried competitors abroad of the fact that our share in world trade continues to be below the pre-war level, and that there is hardly a country among whose suppliers we play the part we had before the war. I t will be necessary to stress the advantage gained by other countries whose foreign trade could develop with virtually no restraints since 1945. At the same time we shall have to convince German sceptics of the fact that our trade policy did find it possible, despite a number of obstacles, to harmonise the impulses governing the German market economy with similarly powerful impulses at work elsewhere. I t will further be relevant to point to the carefully planned network of trade and payments agreements and to our participation in the new international organs in which we have been enabled to co-operate.
