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By Romer D.

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Yet we have also to recognise that the fact of global integration remains fundamental, and that the process of internationalisation has continued unabated despite the increasingly problematic environment within which it has now to operate. This means that the structures that have been created to allow this process to continue are proving very resilient. Before we can consider further the factors which are clearly inhibiting recov- 24 Intemational Economic Organisation ery, we have therefore to look more closely at those that have made it possible to create the degree of unity which actually still exists.

If the arguments outlined above are accepted as to the inherently even nature of the economic development that will occur with free trade, then no serious objection can be made against these recommendations, since there will be an automatic tendency for the balance of payments between the two countries to remain in equilibrium, and for full employment to be maintained as well. Once direct political controls on trade have been lifted, it is essential that monetary arrangements be made which enable it to take place in a stable and equitable way, and which are not manipulated by governments to give their country competitive advantages on the international market as they certainly can be.

This, in turn, would push up the prices of goods in this economy and make its products less competitive in the markets of the deficit country, and in its own markets in competition with the imports from the country. Its surplus would soon turn into a deficit, and the gold and silver accumulated in the past would flow out. The opposite effects would be felt in the deficit country. There the failure to sell competitively would put the least efficient producers out of business and lead to unemployment and falling wages.

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