https://cpes.org.uk/om/files/original/aefa83eff044b5e88f95c721ff32158d.pdf b4f9b0ab99650ddd9c02fdb3b07fd485 Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Title A name given to the resource Cambridge Economic Policy Review Volume 5 Date A point or period of time associated with an event in the lifecycle of the resource April 1979 Text A resource consisting primarily of words for reading. Examples include books, letters, dissertations, poems, newspapers, articles, archives of mailing lists. Note that facsimiles or images of texts are still of the genre Text. Text Any textual data included in the document Universityof Cambridge Department of Applied Economics -" Cambridge Economic Policy Review April 1979 No 5 Gower Press Acknowledgements This Review is the latest in a series of annual reviews on policy questions which began in 1971. The Cambridge Economic Policy Group, not all of whom necessarily contributed to this particular document, comprises: Paul Atkinson Dipak Basu Kenneth Coutts Francis Cripps Martin Fetherston Wynne Godley Graham Gudgin Barry Moore John Rhodes Roger Tarling Terry Ward Frank Wilkinson In addition, Richard Bacon, of the Department of Land Economy, University of Cambridge, has worked closely with the Group again this year. The following chapters are not personally attributed, but I must report that Francis Cripps was the architect, construction engineer and foreman for our new model of the world trading system. I should like to thank Joyce Leverett for taking the main burden of typing our various drafts, ably helped by Shani Dawson, Anne Mason, Sharon Metcalfe, Sue Moore, Kath Wilson and Teresa Gurner. We are also grateful to Bobbie Coe, Lynda Symonds and Diana Day for all their computing work and to the University Computing Service for the excellent facilities with which it provides us. Jo Bradley undertook the liaison between authors and publishers. We have again been helped on North Sea projections by Colin Robinson and Chris Rowland of the University of Surrey and Jon Morgan of the British National Oil Corporation. The Economic Policy Group has received continuing financial support from the Social Science Research Council and Richard Bacon has been assisted by a Milk Marketing Board scholarship. None of these organisations is in any way responsible for the conclusions of our research. f!Ynne Godley © Department of Applied Economics, University of Cambridge, 1979 Contents Acknowledgements Summary and Policy Assessment Chapter 1 World recession and policies for recovery Hypotheses and main conclusions -World markets and recession since 1973- The USA- Japan- OPECEEC - Other developed and developing economies Centrally planned economies- Growth of the world system as a whole -The main factors- The worst case: US deflation- A second worst case: US deflation moderated - Oil prices - Effects of exchange rate changes on shares of trade- Reflation led by Japan and the EECUS protection- a Growth-Inducing System of Trade Chapter 2 Policies of the EEC Concepts- Measurement of EEC transfers- Future policies in the EEC Chapter 3 Prospects for management of the UK economy Outline of analysis - The lessons of the recent past - The scale of future problems -- Counter-inflation policies The high exchange rate prescription - The real income growth prescription - Policies for economic growth Devaluation - Import controls - Background to the policy assessment- Productive potential and unemployment Balance of payments constraints and North Sea oil Real income and its distribution -Taxation and public expenditure - Inflation Appendix A Historical data and projections of world trade Appendix B Historical data and projections for the UK economy Select bibliography page ii 8 23 31 45 56 68 iii  Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Title A name given to the resource Front matter and Table of Contents Source A related resource from which the described resource is derived Cambridge Economic Policy Review Volume 5, pages i - iv Date A point or period of time associated with an event in the lifecycle of the resource April 1979