Read before the Society in Belfast on 15th May 1953 In case this rather ambitious title should raise any false hopes, I must explain at once that I am not an economist or in any way qualified to deal with the subject in a professional manner. It is true that I took a Degree in Economics 46 years ago, but since then I have been far too busy to follow more than very superficially the immense developments which have taken place in economic thought. I have, however, been in fairly close contact with the practical consequences of economic events. I was for 16 years director of the Federation of British Industries, for over 12 years a member of the Council of the International Chamber of Commerce, and more recently Minister of Commerce in this country. Such ideas as there may be in this paper are, therefore, those of a complete amateur, but of one who has seen a good deal of economic history being made during the past 40 years.