1982 was yet another year of international economic disappointment. The frequently forecast gradual recovery of demand and production during the course of the second half of the year did not materialise. In fact, Western Europe once again experienced another pronounced downturn. However, at...

Although the international economy seems to be well on the road to recovery, the question remains as to how much of this recovery is of a short-term cyclical nature and how much an expression of a renewed longer-term trend towards economic growth. Are we merely witnessing an increased...