But it was not ignored, and the massive effort paid off in the event. No, there were not serious problems, either in the United States or around the world. Which leaves the most interesting question - why not? The answers, as best we can understand them so far, are quite instructive, and they vary a great deal from country to country.
Consumers experience this every day: international competition has resulted in cheaper goods, and has contributed to the success of central banks in maintaining price stability.2 But it is not just that prices have fallen, in addition consumers can also choose from more variety: where Henry Ford once joked that his famous T-model comes in ‘any color as long as it is black’, today’s consumers can purchase a wide array of goods not available in the past.