Crisis and Reform in the World's Economy

Author:

Karasz Arthur

Abstract

There are several crucial reasons for the need to reform the world economy. First, the worldwide inflation, a terrible cancerous disease which, if uncontrolled, might destroy the roots of economic development. Second (a direct consequence of inflation), a sudden imbalance in our international monetary system: capital flight in monstrous dimensions, devaluation of important reserve currencies, the United States dollar, the English pound, followed by the Japanese yen and a number of European currencies. Third, growing unemployment all over the world, again as a consequence of inflation and of a worldwide lack of confidence. Finally, but not least, the growing conflict of the developing countries, mainly in the Southern Hemisphere, with the industrialized world mainly in the Northern. This north-south struggle, brewing for long years, has reached the dimensions of what we might call an “economic cold war” on a worldwide level. Thus far, efforts to find new solutions which would be satisfactory to both consumers and producers have failed.

Publisher

Cambridge University Press (CUP)

Subject

Political Science and International Relations,Sociology and Political Science

Reference21 articles.

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