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World Economic Survey 1992

Current Trends and Policies in the World Economy

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The year 1991 witnessed events of historic importance for the world economy. World output declined for the first time since the World War. Dramatic political events brought about the dissolution of the Soviet Union and catapulted the economies of the successor republics into transition to the market system. The Persian Gulf war left deep marks on a number of economies. Many countries continued to stagnate. The World Economic Survey 1992, examines these and related developments and major issues in the world economy.

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Entrepreneurship and the development challenges of the 1990s

Unfavourable global economic conditions and disappointments with past development strategies have focused new attention on domestic policies and institutions. A growing consensus recognizes that appropriate interaction between government activities and market forces, rather than exclusive emphasis on one or the other, provides the most conducive environment for tackling the complex problems of sustained economic development and the alleviation of global poverty. Although it would be naive to assume that there is any simple solution to these problems, a longer-term vision of change in which entrepreneurship has a key role can open new perspectives on the challenge of development.

English

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