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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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Conversion and the peace dividend: Prospects and emerging policy issues in the developed market economies

IN THE LIGHT of the end of the cold war, the potential gains from a reduction of military expenditures have been the subject of extensive debate. In 1991, transformation of the Soviet Union into the Commonwealth of Independent States reopened the debate on the “peace dividend” in the developed market economies. As long as a communist superpower existed, there was a case for its potential opponents to remain vigilant and not to revise drastically their military spending plans.

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