convenience of curbing home investment at times of strain in the foreign balance comes into conflict with the need for increased investment for longrange internal growth. That this should strike Dr. Balogh as ambivalence is understandable: he sees no such dilemma. What he says about the short run, however, suggests that this may be due partly to his failure to appreciate clearly enough the essence of the short-term case for investment curbs in Britain's balance-of-payments crises.