THE RECESSION: A Costly and Worsening Global Slide

Even as the U.S. waits expectantly for an upturn in its slumping economy, recession in much of the rest of the non-Communist world is deepening. Though some nations are hoping for the beginning of the end of hard times later this year, no abrupt reversal of the worldwide drop in production and rise in unemployment seems likely, largely because the slide is so widespread. The situation underscores the perils raised by the growing interdependence of key industrial countries. In an era when heavy world trade, the operations of multinational companies, and massive...

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