OUTLOOK: In the Shadow of a New Global Slump

One of the notable achievements of the brief Ford Administration has been its success in selling foreign governments on a go-slow approach to economic growth in order to hold down world inflation. At the economic summit in Puerto Rico last June, President Gerald Ford and the government chiefs of Britain, West Germany, France, Italy, Canada and Japan agreed that they would follow cautious policies aimed at a moderate annual expansion of world production, say 5%, through 1980. Today it appears that the Administration was altogether too persuasive: in most industrial countries, as in the U.S., expansion has slowed to a...