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World Economic Survey 1991

Current Trends and Policies in the World Economy

image of World Economic Survey 1991

1990 was an extraordinary years of shocks and contrasts for the world economy: the Gulf conflict, a sharp increase in energy prices, and a sudden erosion of consumer and business confidence in much of the world. Some developed economies went into recession and others nearly did. Many developing economies continued to languish under the burden of problem that persisted over most of the last decade.

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Some economic aspects of military expenditure in the light of the end of the cold war

There has been considerable debate over the years about the economic effects of defence spending and the burdens or benefits that military spending contributes to economic development. That debate was animated by the arms race that extended throughout the world community. It has now been revived by the opposite prospect of a substantial slow-down or even a reversal of military expenditure, which raises issues that are not in all respects the mirror image of the earlier ones.

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