The electorate has spoken - alea jacta est - re-electing President Nixon in an old-fashioned landslide for another four years' term. What is to be expected in the internal and external economic sphere during 1973?

With interest rates at zero where they are expected to remain for a long time, and with the main risk being that inflation is too low, fiscal policy must be active and contribute to cyclical stabilisation

On the basis of economic theory, what effects can globalisation be expected to have on trade and growth? Does the empirical evidence support this? What developments will the next phase of globalisation bring?

The inward-oriented wave of regionalisation in the mid-sixties in the so-called developing countries was judged, twenty years later, to have been a failure almost everywhere. Since the beginning of the nineties a new trend towards regionalisation has been emerging, this time more strongly...