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beginning a decade Ago.
Today, though the flow of private capital remains below the prewar rate of investment, the volume of international trade is far greater than before the war, with goods to the value of nearly 80 billion dollars being bought and sold annually by the free world. Both investment and trade will be stimulated further if we can succeed in obtaining a further relaxation of the restrictions and controls that still hamper the interchange of money as well as goods In an atmosphere of real economic freedom, private business in all countries will find the opportunities and incentives necessary for larger and more efficient production.
Of the mutual benefits to be derived, there can be no doubt. The United States, through overseas grants and purchases, has greatly aided other countries to restore their productive capacity and recover economic strength since the war. Then, when the United States was undergoing a decline some months ago, the strength of other economics, particularly in Europe, helped to stem the. downturn here by sustaining the market for American exports.
Probably the greatest thing the United States can do now to promote a continued increase in world trade is to secure a steady, sustainable rate of growth for its own economy. A properous America is a good consumer as well as a good producer. Similarly, the ability of other nations to contribute to trade expansion will be conditioned upon their success in getting their own finances in order, their monetary systems on a sound basis and bringing about greater economic unity in Western Europe.
It seems to me that the major lesson from the experience of the last few years has been that the road to world prosperity and
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