The US twin deficit, Western European economic integration, Eastern Europe's transition towards a market economy, the debt burden of the Less Developed Countries, the growing and deepening discrimination against the rest of the world by new homogeneous areas such as the North America free trade area, the new Europe, and Japan are the issues at the heart of global disequilibrium in the world economy. This book brings together leading economists to analyse these issues and further the debate on the need for sound economic policies to avoid a crash on a global scale.

Inhalt
Preface - Introduction; C.Liston & J.McCallum - PART 1: OVERVIEW PAPERS - The Economic Science of Today and Global Disequilibrium; M.Allais - Global Disequilibrium and International Monetary Reform; A.K.Swoboda - The Dollar and the Policy Fix; R.Mundell - The European Monetary System in the World Economy; R.Triffin - The State of the World Economy: Global Imbalances, Exchange Rates and the World Debt; G.Haberler - Monetarism Yesterday and Today; P.Cagan - PART 2: TRADE BALANCE, STOCK MARKETS, AND FOREIGN EXCHANGE RATES - Trade Balance and Exchange Rates; J.S.Chipman - Fiscal Stimulus and Employment at Home and Abroad in a Real Two-Country Customer-Market Model; E.S.Phelps - PART 3: THE EUROPEAN MONETARY AND COMMERCIAL AREA - EEC 1992: Prospects and Problems; H.Giersch - The EMS and Its Predecessors; M.De Cecco - Policy Coordination in Europe; N.Walter - Ten Reasons to Fear Fortress Europe; G.Curzon - PART 4: THIRD WORLD DEBT - World Disequilibrium and Third World Debt; H.L.Lever - PART 5: THE REFORM OF THE INTERNATIONAL MONETARY SYSTEM - International Nominal Targeting (INI): A Proposal for Overcoming Obstacles to Policy Coordination; J.A.Frankel - Toward a Common Monetary Standard through the Regulation of Exchange Rates; R.I.McKinnon - What Future for the International Monetary System?; R.N.Cooper - The Global Adjustment System; R.Mundell - Index