ABSTRACT
Is international economic co-operation a fair-weather phenomenon? Are sovereign nations only prepared to entertain open and co-operative economic relationships with each other from a comfortable position of security? Do they not, at the first sign of trouble, run for shelter? In a broad sense, the barometer of international economic co-operation does seem to follow the economic cycle. Certainly periods of comparatively low growth and high unemployment (1880s, 1930s, 1970s) have all been accompanied by a partial or complete breakdown of the pre-existing international economic order, the extent of the breakdown being seemingly linked to the depth and duration of the cycle.
