Chapter II. The World Economy

Extract

We quoted in May the judgment of the Managing Director of the IMF that the world was facing ‘the most difficult combination of economic policy decisions since the reconstruction period following World War II’. At the same time we expressed doubt as to whether the governments of the major industrial countries possessed either the stability at home or the mutual cohesion on the international plane which would fit them to rise to the occasion. Subsequent developments have not been reassuring.