The spectacular opening of the People’s Republic of China to the capitalist world market and the flourishing state of East-West cooperation-up to the Afghanistan crisis-show that cooperation with more advanced industrial countries in selected fields is seen as a promising means of speeding...

In the debate about the world monetary order there is agreement that greater stability in international currency relationships would be desirable. Could a system of fixed exchange rates between the currencies of the major industrial countries put an end to the present instability? What would be...