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Central America has always seemed to me a particularly fruitful object of study, of economic and particularly monetary affairs, because of the existence of six countries of not too different size and economic structure. This situation provides an opportunity for assessing the workings of certain economic principles.In economic terms, the countries of Central America are very small units. For such units, economics can provide a few analytical propositions that seem prima facie plausible. One is that such economies need not indefinitely specialize in exports of primary products, but if they diversity and industrialize their economies, it must be for export. Industrialization for the domestic market is unlikely to permit sufficient economies of scale. In this regard, the Central American countries have industrialized much less than the small republics in the Far East, and accordingly have not enjoyed as rapid a rate of economic growth.

Foreign banking has had a great expansion in the United States. This evolution has been accompanied by a variety of questions and concerns on the part of the public, American legislators and regulators, and American bankers. Many of these concrns have been allayed by the passage of the International Banking Act. Some nevertheless remain. To evalute them, I will begin by setting forth the benefits that foreign banks have brought to the United States. Then I will take a look at the principles that have guided and, I believe, should continue to guide United States' policy in this regard.

Das "Wirtschaftswunder" und seine Auswertung als Erfolgsbeweis für die "soziale Marktwirtschaft" Ludwig Erhards galten im bundesdeutschen Selbstverständnis bis Mitte der 60er Jahre weithin als die eigentliche "happy constitution" der Bundesrepublik Deutschland. Der aus dem Jahr 1955 stammende Beitrag versucht, dieses "Wunder" zu analysieren und die Elemente der schnellen wirtschaftlichen Erholung - Auslandshilfe, konservative Finanz- und Währungspolitik, Steuerpolitik, harte Arbeit, Arbeitsdisziplin, Flüchtlinge, Korea-Boom - in ihrem Zusammenwirken einzuschätzen. Die Faktoren, die der Autor als Triebkräfte des Wiederaufstiegs betrachtet, stammen aus drei Gebieten: den Nachkriegsereignissen, die zum Ost-West-Konflikt führten, der glücklichen Zusammensetzung der Industriestruktur und der Zuwanderung von Millionen Flüchtlingen sowie der Wirtschafts- und Finanzpolitik. (KA)