This survey of international economics must acknowledge a mixed picture, with some successes and some failures. But if we step back from the individual issues, an impartial jury of historians would surely l-ate the second half of the twentieth century as one of unparalleled success for the countries of North America and Western Europe Robus! economic performance. The period h~ seen the most rapid and sustained economic growth
in recorded history. It is the only half-century since the Industrial Revolution that has avoided a deep depression, and none of the major ‘industrial countries have suffered from ‘the. cancer of hyperinflation.
• The emerging monetary S)’stem. The international monetary system continues to be a source of turmoil, with frequent crises as countries encounter balance-of-payments or currency crises, None the less, we can see emerging system which the major economic regions of the United States, Europe, ‘and Japan conduct independent monetary policies with flexible exchange rates while smaller countries’ either float or have “hard” fixed rates tied to one of the major blocks, The major testing ground of the next few years will be the strength of the new European Monetary Union. .
• The reemergence of free markets. You often’ hear that imitation is the sincerest form of flattery. In economics, imitation occurs when a nation adopts another nation’s economic structure in the hope that it will produce growth and stability.
In the last decade, country after country threw off the shackles of communism and stifling central planning not only because the textbooks convinced them so but primarily because ‘they their own eyes to see how the market countries of the West prospered while the economies of the East collapsed. For the Jon time, an empire collapsed simple), because it could not , produce sufficient butter along with its gum, Maintaining and strengthening the current international economic system is a worthy challenge for all.
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