ABSTRACT
The outlines of Austrian economic policy of the seventies emerge more clearly against the back-ground of conflicting economic policy principles and methods. Austria was one of the few Western industrial countries that did not experiment with these new international economic models. Austria could have improved its international trade position in US dollar prices in the amount of the US dollar depreciation rate at the same or slightly falling schilling prices of its exported goods and services and, like the German Federal Republic, have relied on exportled growth. The world economy would once more become what it was meant to be—a peaceful system of orderly trade and monetary relations that eventually might even develop its own international monetary system free from today's—and tomorrow's—disruptive liquidity overproduction. For the time being the difficult question of how much supranational supervision and refinancing such a system of good international economic behavior needs can be put aside.
