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Published in:
1989 | OriginalPaper | Chapter
International Financial System and World Debt: the Issue of Cooperation
Author : George Macesich
Published in: Economic Development and World Debt
Publisher: Palgrave Macmillan UK
Included in: Professional Book Archive
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The sharp disinflation from 1979 — 83 forced a series of wrenching changes in the structure of the world economy. This disinflation transition represents the most radical disturbance that has hit the world economy since the Second World War. As a result of human action but not human intention, we did not have Milton Friedman’s well-known monetarist policy of gradualism but the more publicised central bank variety of a series of sharp shocks.