In analyzing the Bonn Summit, it is important to be quite clear about the meaning of key terms whose proper usage is not entirely settled or universally accepted. To quote former Federal Reserve Governor Henry Wallich:
"Coordination, Harmonization, Cooperation, Consultation: these, in descending order, are the terms by which nations recognize--sometimes reluctantly--that they are not alone in the world..."Cooperation" falls well short of "Coordination", a concept which
The most significant outcome of Bonn--a "first" in the history of summitry--was a declaration by each country of its own economic strategy and objectives. These were strikingly similar: reducing structural rigidities and maintaining prudent fiscal and mon
But the remarkable degree of policy convergence on Ronald Thatcherism had a deeper implication. Policy convergence--getting one's own house in order--was the recipe for international economic cooperation which had dominated summitry since the onset of the
However on the way to the next summit at Tokyo an important change took place in Washington: the move to the Treasury portfolio of Jim Baker.
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