| Synopsis: |
This lecture, delivered on 13th October 1993, examines the problems the world economy has experienced in the last two decades. The instability of the economy has been characterized by turmoil on international markets, which in the developed countries has manifested itself in severe recessions and increased and persistent unemployment. For the developing countries, especially Africa south of the Sahara and Latin America, circumstances have been considerably more grim, prompting some to refer to the 1980s as the Lost Development Decade.Underdeveloped countries have suffered problems of falling per capita income, inflation, balance of payments crises, and unsustainable fiscal deficits. As well as looking at these problems, this lecture also examines the consequences of government intervention and unregulated competition on third world economies. |