Large holders of sterling balances – Nehru’s India, Nasser’s Egypt, and Peron’s Argentina – all embarked on major nationalizations and a public sector spending spree: they built railways, dams, steel works. The sterling balances proved to be the starting point of vast and inefficient state planning regimes that did long-term harm to growth prospects in all the countries that took this course.
其结果使这些储备促生了经济民粹主义。拥有大量英镑结余的国家-尼赫鲁的印度、纳塞尔的埃及和庇隆的阿根廷-都掀起了主要的国有化进程和公共事业领域的开支热潮：他们修建铁路、水坝、钢厂。英镑储备成为庞大而低效的国家计划体制的起点。这一体制给所有相关国家的经济成长都带来了长期的损害。