^{Page 461 note 1} One of the most fascinating phases in the history of ideas has been the way in which the balance of opinion shifted, as between American and British economists. The former were originally protectionists, but as American industry overtook British, the tabernacle of the faith moved across the Atlantic. Now it has crossed the sea once more and can be found in Bonn.

^{Page 462 note 1} Probably one actually works with a concept called ‘the purchasing power of exports’, i.e. the volume of imports which can be bought without incurring a payments deficit on current account. This allows for the changes in terms of trade. (In practice it means dividing the projected value of exports by an import price index.)

^{Page 463 note 1} Of course, in the case of a customs union like East Africa, any such development strategy is better conceived for the area as a whole, not for a single country.

^{Page 465 note 1} Of course, if a country forms an economic union with its neighbours, the selection of industries becomes easier to make—and the larger the union the easier the problem becomes. Economic union raises other problems, however, e.g. how to prevent the more industrialised areas growing faster than the others.