ABSTRACT
This chapter offers an analysis of the developments and some tentative recommendations, to be explored. It argues that the Cold War, while it lasted, encouraged some helpful attitudes which ceased to apply; it masked or distracted from some trends which could no longer be ignored; and it created some weaknesses, not evident in a divided world, but which became troublesome in the new conditions. The chapter explains implications embraced the G7 summits, whose task of reconciling the tensions between domestic and international pressures became even more necessary under globalisation. It argues that the fundamental shifts generated and revealed by the end of the Cold War called for a network of international economic organisations of universal membership. For a very brief period, as World War II ended, one could speak of a truly worldwide economic system. International monetary and financial relations were much more intractable. In some financial areas the development of open and rule-based regimes made good progress.
