Publisher's Synopsis
This book provides the intellectual and empircal underpinning for the view that the continuing crisis of the world economy is due to two deepseated underlying causes of which the stagflation and rising protectionism in industrial countries as well as the Third World`s debt crisis are dramatic symptoms. These are, first, the microeconomic rigidities that were steadily built into many economies - both developed and developing - partly as a result of inappropriate public policies; and, second, the management of the public finances which has become a global problem with the prospect of a global 'crowding out' of investment expenditures in developing countries by the persistence of transfer- payment- fuelled fiscal deficits in major developed countries.
