The World Economic Crisis
A Commonwealth Perspective

‘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.
‘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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Protectionism and Structural Adjustment
One of the most damaging consequences of the slowdown of economic growth in the North during the 1970s has been an inward-looking, defensive reaction epitomised by the ‘new protectionism’. In the main this takes the form of quantitative restrictions, but it also includes countervailing and antidumping action, minimum prices for imports and government aids to ailing industries. Most of these are adopted outside the normal GATT rules and in a discriminatory manner.
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