By Robert Z. Lawrence

In this capstone quantity within the INE sequence, the authors overview the becoming strain for deeper overseas integration, discover the strengths and weaknesses of other techniques to facing those pressures, and current concrete proposals to aid in achieving a world neighborhood that might stability openness, range, and unity. A quantity of Brookings' Integrating nationwide Economies sequence

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Haas Teresa Heinz Andrew Heiskell Roy M. Huffington Vernon E. Jordan, Jr. Nannerl O. Keohane James T. Lynn William McC. Martin, Jr. Robert S. McNamara Mary Patterson McPherson Arjay Miller David O. Maxwell Constance Berry Newman Maconda Brown O'Connor Samuel Pisar Rozanne L. Ridgway Judith S. Rodin Michael P. Schulhof Robert H. Smith John D. Zeglis Ezra K. Zilkha Donald S. Perkins J. Woodward Redmond Charles W. Robinson James D. Robinson III Howard D. Samuel B. Francis Saul II Ralph S. Saul Henry B.

S. dollar, the United States had no mechanism for adjusting its exchange rate. When it ran into balance of payments difficulties in 1971, therefore, it pressured countries with trade surpluses to appreciate their currencies. When these measures proved insufficient, the Bretton Woods system broke down. A brief attempt to restore the fixed exchange rate system at new parities, the Smithsonian agreement, failed, and in 1973 floating rates became the norm. In a system of floating rates, nations may in principle pursue independent policies but must be prepared to accept the effects of exchange rates on their domestic economies.

A convention was signed in June 1988 to impose strict environmental controls on any mineral prospecting and extraction on the continent. At a June 1991 Madrid meeting twenty-four countries, including the United States, agreed to replace the convention with a fifty-year moratorium on mining minerals in Antarctica. Binding decisions have also been taken in other frameworks. The 1987 Montreal Protocol set ambitious targets to reduce production of CFCs, gases considered harmful to the ozone layer, by 50 percent by the year 2000.

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