Inflation Checked

Has the "postwar period" ended at last? Economically speaking, yes.

"The world economic situation has changed very radically, almost reversed itself," World Bank President Eugene R. Black reported to the U.N. Economic and Social Council last week. "The postwar backlog of demand for goods and services in the industrialized countries has been in large part satisfied. And the critical shortages which plagued efforts to rebuild and expand industrial capacity have generally been overcome. Although inflationary pressures persist, inflation has to some extent subsided . . ."

In the early days of the World Bank, the U.S. supplied virtually all the goods and money for reconstruction and development projects. Now Canada and Western Europe are providing equipment for new development projects, the proportion of nondollar loans made by the Bank is increasing, and the Bank has nearly $300 million in nondollar currencies available for future loans.

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