ABSTRACT
In most firms, the decisions were taken either by one man or by a small group of people. There was no clear evidence that organisational arrangements of one kind were superior to others for taking the devaluation decisions. What seems to emerge from this is that the ‘active’ firms were anxious to use devaluation to increase sales, mainly because they were finding it difficult to keep their capacity occupied and their labour forces employed. Those that were anti-cyclical exporters did not have established export businesses, so that they were forced to take export business at relatively low prices. In Ealing Electrical Appliances, which also reduced its export prices by the full net amount of devaluation, the possibility that price reductions might spark off a price war with foreign competitors was aired in a very general way at the decision meeting.
