Unemployment and World Crisis of Economic Policy

Unemployment and World Crisis of Economic Policy Andre Gunder Frank The present recession is the fourth in a world economic crisis that may be said to have begun in 1967. The succession of recessions, the advance of inflation, and the doubling of unemployment in the West between the 1967 and the 1973-75 recessions and its doubling again from the latter recession to the present one, as well as restructuring of the world economy, arising from differential declines in productivity and consequent shifts in the political-economic balance of power in the West, have posed insurmountable, and still growing, obstacles to the effectiveness of formulation and implementation of political-economic policy at both the national and the international levels.