ABSTRACT
The international economy has as many clubs as most countries have trade associations, service clubs, etc. The decline in the US weight in the world reflects international monetary events as well as “real” factors. The non-reserve currency countries took little action to remedy the international disequilibrium. Richard Cooper has raised the issue of whether international organizations should exist to provide a sense of participation for nations, big or small, relevant or irrelevant. International organizations have grown in number as well as in size over the period when their performance declined. Recently several new bodies have been started. The overlapping of function by international economic bodies can be looked upon favorably as competition to supply information to governments. It is obviously important for any group which provides advice on economic policy to understand economic theory. The longer run constraint is the danger of damaging the prestige and authority of the international organization.
