FLUCTUATIONS in external trade were clearly an active element in the cyclical downswings of the early part of the period, but thereafter the relative stagnation of British trade can be regarded as more of a long-term drag on the economy. The statistics of trade which were available in the inter-war period, and which have been used directly by some earlier historians, contain a number of inaccuracies. Since then there has been a great deal of reworking of the figures by a number of experts, and the pattern of British trade is now fairly clear.
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- The Balance of Payments
B. W. E. Alford
- Macmillan Education UK
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