ABSTRACT

The most global crisis has generated high levels of unemployment, reduced living standards, and stimulated an air of insecurity in industrialized nations which is unprecedented since the end of World War II. In the world political climate proposals to make the management of the world monetary and financial system more universal and more democratic have little hope of implementation. Proposals to substantially increase the flow of unconditional financial resources on easier terms to Third World countries find little support among the major capitalist powers which currently dominate that system. Many of the consensus proposals would help deal with generally acknowledged shortcomings in the prevailing system and, if implemented, would ease adjustments being made in Third World countries. Acceleration of South-South economic ties is also to be encouraged and, possibly, concerted Third World efforts to realize selected reforms that are less threatening to the major world capitalist powers.