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Power, Purpose and Collective Choice: Economic Strategy in Socialist States

Edited by Ellen Comisso and Laura D'Andrea Tyson
Reviewed by William Diebold, Jr.
Spring 1987
Power, Purpose and Collective Choice: Economic Strategy in Socialist States
Edited by Ellen Comisso and Laura D'Andrea Tyson
Cornell University Press
1986
422 pp.
$14.95
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Useful but somewhat uneven inquiries into the ways several East European countries responded to the international economic disturbances of the 1970s and 1980s. Originally published as a special number of the journal International Organization.

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When France and Germany, with Italy and the three Benelux countries, made it clear that they were really going to form a customs union, they forced the British government to face a decision it had hoped to avoid. Now Britain's decision to join the Common Market, if reasonable terms can be agreed on, requires the United States to make some major decisions of its own. Our action-or the lack of it-will pose new choices for the rest of the world.

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The battle for the common currency may be remembered as one of the more useless in Europe's history. The euro is hailed as a solution to high unemployment, low growth, and the high costs of welfare states. But the deep budget cuts required before integration are already causing pain and may trigger severe recessions. If the European Monetary Union goes forward, a common currency will eliminate the adjustments now made by nominal exchange rates, and the central bank will control money with an iron fist. Labor markets will do the adjusting, a mechanism bound to fail, given those markets' inflexibility in Europe.

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In the Magazine

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The global economic crisis has revealed the folly of large U.S. budget and trade deficits, as well as of the strong dollar that makes them possible. If it is serious about recovery, the United States must balance the budget, stimulate private saving, and embrace a declining dollar.
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