Turbulence and Inequality in the Global Economy

Jeffrey A. Hart

Chapter 1 in The New International Economic Order, 1983, pp 3-29 from Palgrave Macmillan

Abstract: Abstract The historical background of the New International Economic Order negotiations of the 1970s is one of turbulence and inequality. The international economic system experienced an important increase in turbulence, especially after 1973: (1) the number of effective actors increased, (2) actors became more uncertain about the nature of the trade-offs they faced, both domestically and internationally, and (3) the global economic system as a whole grew in complexity and interdependence.1 In the midst of this turbulence the developing countries asked for a number of basic changes in the rules, norms, and procedures governing economic relations between themselves and the industrial countries, in order to reduce what they perceived to be a growing gap between the living conditions of poor and rich nations.

Keywords: Industrial Country; Capita Income; International Monetary Fund; Saudi Arabia; Global Economy (search for similar items in EconPapers)
Date: 1983
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-06594-3_1

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DOI: 10.1007/978-1-349-06594-3_1

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