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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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Other Development Problems

In the foregoing chapters of this Report we have dealt with issues of special relevance to the current world economic situation - balance of payments deficits, protectionism, inflation and energy. Most other items on the North-South agenda have been so recently and fully treated in the Brandt Commission's report that we do not think it necessary to cover them again. But there are three on which we believe we have something useful to add.

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