What in the World Is Wrong?

Slow growth and swift inflation stymie rich and poor nations alike

Recession. The word no longer seems adequate to describe the relentless turmoil that is shaking the world economy. More and more politicians, businessmen and economists are beginning to have a few haunting fears that this economic decline could spiral out of control, leading to a breakdown in the economic system. Said Canadian Prime Minister Pierre Trudeau at the recent Versailles economic summit: "We are moving from crisis to catastrophe." Warns Paul McCracken, former chairman of the Council of Economic Advisers under President Nixon: "The...

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