Courtesy Reuters

THE devaluation of the pound last September, followed immediately by that of so many other currencies, is a sharp reminder of the changing pattern of economic relations in the postwar world. In itself it is like a single figure in red at the end of a company's balance sheet. Such a menacing cipher reflects only the net result of many factors, good and bad, in past experience, and indicates the compelling necessity of new adjustments. It mirrors neither the past nor the future pattern in all the complexity of individual transactions. It does, however, present an immediate challenge to think

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