ABSTRACT
The purpose of this chapter is to outline the nature of the balance of payments “problem” as it was perceived during the first half of the 1960’s, the options which could have been chosen and the mechanics of the various policies which were adopted, and in particular, the capital outflow restraints. There will be no explicit argument here, except perhaps to reaffirm the introductory assertion that capital restraint programs were the only balance of payments adjustment policy to be consistently pursued during the 1960’s.
