of the domestic demand for imports has avoided strain on

We may perhaps summarise by saying that the policy controls seem to have worked reasonably well in keeping the Money GDP on target and in maintaining employment and economic activity, but at the cost of (1) a very large, albeit temporary, deficit on the balance of payments and (2) large swings in the rates of tax and so in real disposable incomes, the success of the whole operation depending essentially upon the implementation of a suitable reform of wage-fixing institutions.