“Any one country can be in any of four possible disequilibrium situations. It can be (1) a surplus country with a domestic slump, (2) a surplus country with a domestic boom, (3) a deficit country with a domestic slump, or (4) a deficit country with a domestic boom.”

—  James Meade

Source: The balance of payments, 1951, p. 158; As cited in: Metaxas & Weber (2013, p. 20)

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James Meade15
British economist 1907–1995

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