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But this is not merely a question of our political and military posture. It also affects our economic policy. We have to live and trade in an open world. We cannot make ourselves a closed society in which we can only keep men and capital by erecting a ring fence around ourselves so that they have to stay. ... To sustain it —and the only alternative would be a drastic cut in our standard of living and a considerable contribution to the dislocation of world trade—we shall have to borrow and go on borrowing a great deal from abroad. To pretend that you could get this money in while retreating into a siege economy would be to live in a world of dangerous phantasy. (en) |
