By Giles Radice
Big apple 1986 1st St. Martin's Press. ISBN 0-312-73748-3. Hardcover. 8vo, 172p., black textile. advantageous in VG plus DJ. No possession marks.
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Otherwise there would be a fall in the level of world income and output and a substantial increase in unemployment. The initial response to these policy dilemmas suggested that they would be solved within a Keynesian framework. Ministers of Finance meeting in Rome in January 19 74 under the auspices of the IMF's Committee of Twenty stressed the importance of sus- The Climate Changes: The Impact of Recession 33 taining the level of world activity and agreed that current account deficits should be accepted for the time being.
The change ofleadership was also beneficial, as Helmut Schmidt was probably better equipped to be the Chancellor of the 'bad times' than Willy Brandt. Most important of all, the German economy was the strongest in Europe - an inestimable advantage to the Social Democrats. This chapter examines the response of the Social Democrats to the two oil shocks and assesses their political record and prospects. HELMUT SCHMIDT: CHANCELLOR OF THE 'BAD TIMES' Schmidt was a highly intelligent and experienced politician who was well qualified to lead Germany in the unfavourable environment of the 1970s.
This increase in the price of oil directly added $65 billion to the OECD oil bill; raised OECD prices by 2 per cent; and, most significantly of all, transferred from the OECD areas and the non-oil developing countries to OPEC and amount of real income equivalent to about 2 per cent of OECD GNP. This transfer not only hit the OECD countries directly but also reduced world demand, because OPEC had a lower marginal propensity to spend than the OECD and non-oil developing countries. 7 The effect of the oil increase was therefore both jnflationary and deflationary - and it was hardly surprising that its impact has been described as a 'shock'.