Well-managed growth to stimulate investment,
productivity and production are
needed for world stability and prosperity.
Between 1945 and 1970 Keynesian policies were successful in bringing great changes to our economy and society. However, the necessary changes to our methods of maintaining stability at the pot, or inflationary, end of the economic cycle have not been forthcoming.
How, then, can the present economic problems of the world be solved? Dr. Cumes examines the problems that have arisen out of Keyenesian policies and he puts forward lucid and rational suggestions for both economists and politicians.
Policies which restrict production, productivity and employment have not worked, nor will they now. Well-managed growth to stimulate investment, production, productivity and employment, as well as to encourage a rational use of new technology, is what is needed.
Dr. Cumes suggests that we have to revise our thinking about such matters as investment levels, rates of interest and exchange. We have to learn from the past and adopt policies of well-managed growth in order to benefit both developing and developed countries and to restore economic stability. If we persist with policies of restriction, we could face ever-deepening economic and social crises. The message is clear and concise -- a reconstruction of the world economy is both necessary and possible.