In the 1960s the Balance of Payments statistics were
considered more important than they are today. The major
reason they have become less important is
that:
the U.S. imposed exchange-rate controls at the end of
the 1960s.
the U.S. relies less on foreign trade than it did in
the 1960s.
these statistics were important only
as long as the U.S. was involved in the War in
Vietnam. Once it was over, they no longer
mattered.
the U.S. shifted from fixed to
floating exchange rates in the early 1970s.
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