None of these measures of "economic

None of these measures of "economic power" is perfect; indeed, they are quite crude. Often the composition of exports, for instance, may be as important as the amount; and the balance of trade may in some cases weigh as heavily as the combinations of imports and exports. Probably most deficient is the monetary measure, since reserves are not necessarily an indicator of a country's net positions Measures of the U.S. net liquidity position however, would also show a sharp decline (U.S. GPO, 1971: 40: International Economic Report of the President, 1977: 16l).