Muldoon, Robert D.
June 1983
Foreign Affairs;Summer83, Vol. 61 Issue 4, p1078
This article presents the author's opinion on the recovery of the U.S. economy. The economic recovery and the successful rescheduling of the largest debtor countries have averted the danger of a collapse into global depression, financial crises and wholesale disruption of world trade flows. I admire the speed, flexibility and the pragmatism with which the U.S. Federal Reserve, U.S. Treasury, International Monetary Fund, Bank for International Settlements and major international banks put together the rescheduling. Initiating the necessary process of rethinking the ground rules for an open world economy is important to give national economies flexibility to adjust to change. Failure to address structural issues of debt, protectionism, exchange rate volatility and effective macroeconomic policy coordination will seriously constrain recovery. There must be a systematic process instituted to look at significant changes and adjustments in the structure of trade, payments, development efforts and exchange rates. The examination of trade and payments that I am proposing could, without too much violence to reality, be described as a first attempt to work out how we might deal with interdependence.


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