After Hegemony: Transatlantic Economic Relations in the Next Decade

The liberal international economic system established after the Second World War is currently in difficulty. Large fluctuations in exchange rates have led to calls for a “new Bretton Woods”. Protectionism has increased sharply on both sides of the Atlantic; the European Community, once a force for liberalization, now takes a leading role in imposing restrictions on trade. European and American discussions of the world economy are characterized less by thoughtful consideration of how joint action could relieve the current economic recession and reduce dangers of collapse, than by quarrelling over such issues as subsidies on pasta, alleged dumping of steel, and subsidized credit terms to the Soviet Union. […]

Originally published in the issue Vol. 19, No. 1, January-March 1984, p. 3-9