Whitman, Marina V. N.
December 1978
Foreign Affairs;1978 Special Issue, Vol. 57 Issue 3
This article focuses on the economic travail of 1978 and makes a special reference to the economy of United States and international economy. The increase in tensions that have troubled economic relations between the industrialized nations was largely a spillover into the international arena of unresolved problems of domestic economic management. Slow growth, sluggish investment and persistently high rates of unemployment and excess productive capacity are continued in most major industrialized countries; only the United States sustains its recovery pace of growth from the sharp recession of 1974-75. The international reflections of these domestic difficulties included reduced world trade growth, widening payments imbalances and increasing instability in foreign exchange markets. These developments are attributable in large measure to divergent rates of inflation and real growth between the United States on the one hand and other leading industrialized nations--particularly Germany and Japan--on the other.


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