Despite its economic preeminence, Britain had a significant trade deficit in the late nineteenth century. Its imports of goods such as raw materials, coffee, tea, sugar and alcohol far exceeded what it exported. This would cause significant concern to a government today, but it did not bother the British government then. Why?
Answer: Because they never knew it existed. Due to the peculiar and misleading way trade statistics were detailed at this time, the government never understood how bad its deficit was.
Source: Industry and Empire by E.J. Hobsbawm
More at: History
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