The stubborn weakness of growth in the industrial countries since the mid-seventies is a manifestation of a serious crisis of stabilisation and adjustment whose roots go far beyond the oil price increases. Against this background there was a marked turn in the direction of economic policy as a...

In recent weeks, fears of a worldwide economic recession have become widespread because more and more symptoms appear that resemble those at the start of the great depression of 1929. However, wrong conclusions may be drawn from similar symptoms unless basic development trends as well as the...