TITLE

A VERY PAINFUL WORLD ADJUSTMENT

AUTHOR(S)
Brittan, Samuel
PUB. DATE
March 1983
SOURCE
Foreign Affairs;Spring83, Vol. 61 Issue 3, p541
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
This article focuses on the recession in the U.S. in 1982. The recession that dominated 1982 had the following specific features: First, inflation subsided much more quickly than expected. Second, nominal interest rates were slow to adjust. Third, the world's main currencies were far out of line with anything that could be expected on the basis of costs, prices or previous historical trends. Fourth, although it is normal for non-oil commodity prices to fall in a recession, they fell particularly severely in 1981-82. Fifth, protectionist pressures continued to grow in 1982. Sixth, there emerged during 1982 an international banking crisis, as a product or symptom of the other problems mentioned. Seventh and finally, during 1982 the impact, actual and perceived, of high American interest rates, especially their repercussions on exchange rates, increased the feeling of dependence on the United States in the rest of the non-communist world.
ACCESSION #
4854409

 

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