Challenges to Interdependent Economies: The Industrial West in the Coming Decade

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Challenges to Interdependent Economies: The Industrial West in the Coming Decade

By Robert J. Gordon and Jacques Pelkmans
McGraw-Hill (for the Council on Foreign Relations/1980s Project), 1979
147 pp. $9.95
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In their excellent introduction, Edward L. Morse and Thomas Wallin discuss how the politicization of international economics contributes to economic nationalism and how the lack of coordinated U.S. policy handicaps "country desk" diplomacy. For author Gordon, the U.S. is almost a closed economy, external shocks excepted. He is perhaps overoptimistic about controlling future inflation, putting economic performance over monetary policy. Pelkmans wants to see a more open economy for all OECD countries and is disturbed at the tendency toward protectionism. Economic security will remain a major concern in the future, but he is hopeful about extending cooperative efforts based on long-term export growth. The lack of any discussion of U.S.-Canadian-Mexican relations in the coming decade is a noticeable gap.

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