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The World Economic Crisis

A Commonwealth Perspective

image of The World Economic Crisis
‘The interdependence of the world’s economy is now so strong that there would be a good case for collective action even in times of prosperity and growth; in the crisis now prevailing the case for joint action is compelling. Change is inevitable. The issue, as we see it, is whether the structural changes and adjustments necessary to solve the current economic crisis and the problems of development will be accompanied by economic confusion and chaos, with each nation struggling in isolation to maximise its own gain, or whether they can be achieved in harmony on the basis of a global consensus for the mutual benefit of all nations.’ - From the Report.



‘The global economic crisis has deepened and there is now considerable pessimism about the ability of nations to control world economic trends. The Group of Experts has highlighted the grave economic consequences of the present situation for the peoples of the world, particularly those in the developing countries... (and) puts forward a number of specific practical measures directed towards achieving a more equitable, prosperous and stable world society.’ - From the Foreword by Commonwealth Secretary-General Shridath Ramphal.

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The Inflation Problem

In the course of the past decade inflation has come increasingly to dominate the international scene. In the 1950s it remained around 3 per cent in most OECD countries and was only slightly higher in the 1960s. But in the 1970s it increased sharply and is now in double figures in many of the major industrialised countries.

English

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