It is no coincidence that the countries that have seen their currencies devalue the most in the postwar period were also the ones that suffered economic stagnation and decline. But even if all of these problems with devaluation as the route to prosperity were inaccurate, there is one simple reason why it cannot work, and that is: if it worked, and all countries tried it, all currencies would devalue and no single country would have an advantage over the others.
