In a world of "intermediate interdependence" no country can fully control its national money supply. And no other single policy will provide adequate control of the economy, according to this impressive, persuasive treatise which deals rigorously and clearly with all the major aspects of a most complex subject. Policymaking processes themselves and the need for improved international coordination of national actions are suggestively examined. The practical conclusions emphasize discretion more than fixed rules, and stress the need to look at issues as a whole and not piecemeal. This may, says the author, seem little more than common sense, but he believes we can do with more of that. Mr. Bryant, a former Federal Reserve Board official who is now at Brookings, began work on this excellent book as an International Affairs Fellow at the Council on Foreign Relations a decade ago.
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