ABSTRACT
THE years from 1945 to 1966 are not a unified whole—a 'period'—in the sense that the 'twenties and the 'thirties are: the phase of economic development which began in 1945 has not yet come to an end. This stretch of just over twenty years has been dominated by extremely full employment, a continuous and occasionally alarmingly rapid rise in the price level, an unprecedented volume of decision-taking and cajolement by the Government in economic affairs, and repeated crises on the foreign exchanges.
