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SUMMARY AND CONCT,JJS T ONS    111

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Imply long run perapaot1ve and a certa! n degree o f Intel ligent. generoslt.y. The average 1.1 me lengt.h of t.hepolit.ical cyole 1s usnął ly not long enough to al Iow poił cl es almed at. pursnlng relat. 1ve1y dlst.ant. effeot.s. On t.he ot.her band, the present. econoiic atraina and the paranoiao trend to International o om pet. 1t.1veness are creat. 1ng a cllmat.e, at the International level, whlcb 1s favourable morę t.o 1solat.1on t.han to an upsnrge of solldarlty and cooperatlon, t.hat. 1s, to what. 1s now dramatlcallyneeded.

These considerat.lons; t.ogether wlt.h t.hose ooncernlng the influence t.hat. e c o n o m 1 c theory is having upon pollcy lakers , expla1ns w h y we conslder the need of changlng the preva11 Ing cu 1 t. u rai att.it u des as t.he main prel li! nary t.arget, and why we devot.fi a go od deal of at.tent.1on on one s1de to t.he crltlclsm against. t.he orthodox economic way*to look at t.he present. eeonowi o sit.uat.1on, and on t.he ot.her one t.o t.he hulldlng np of a different. 1nterpret.at.ion of t.he major changes which have det.eralned ,    and cont.r1hut.ed* to    malntaln, the present.

s 1 t. u a 1.1 o n .

(6) The present. s1t.uat.1on can he summarlzed as follows. Our economles are heav11y 1nt.egrat.ed.. Th1s Implies t.hat. any act. ion undert.aken 1n one of our count.rles manifest. spili- over effects i n other 1nt.egrat.ed count.rles. This won Id req u 1 re in It.self morę consdousness of t.he ex1st. 1 ng Interdependence and morę coordlnat. 1on 1 n t.he actlons. Tn some sense, 1t. is as 1f we had hecorae, at. least wlt.hln EF.C, almost. a unit.ary system, hut. t.hls system eon t. inne s t.o he led hy different. government.s. However, t.hls s1t.uat.1on 1s madę worse hy t.he fant. t.hat. all of the government.s suhst.ant. 1ally share t.he same cult.ure ahout. pollcy aaklng, and hy t.he fact. t.hat t.he cont.ent. of this cult.ure is su oh t.hat each one of t.he count.rles is conv1nced t. hat. t. he only way for helng 'het. t. er of f ' 1 s to ga1n somet.hing at. t.he expenses of t.he ot.hers. Since each one of t.he c o u n t. r 1 e s hehaves in t.hls very same way, relat 1 v e posl t.lons remain t. he same 1 n the long run; all t.he ga i ns are ephemeral; all of t.he count.rles end up 1n heing worse off. Tn ot.her words we are fadng a negat.1ve sum gamę.

Refore t.he Sevent.1es t.he s1t.uat.1on was different.. Not only were t.he economles less 1nr.egrat.ed and i nterdependent , but. t.he economic pollcles of t.he different. Tcount.rles were morę dl f f erent. i at.ed and, above all, t.he! r business cycles and t.helr count.er-cy o 1 1 ca 1 pollcles were    less s 1 nchr on 1 zed .

Moreover, such poi i c1es were on t.he main morę expans1ve, whlle each of t.he count.rles was on a pat.h of hulldlng up an 1 nt.ftrna 1 env1ronment. and cllmat.e of progres s1ve soclal pollcles and social solldarlty.

The ahandonment. of f1xed exchange rat.es and t.he need t.o adjust. to the f Irst. and suhseąuent o1l shocks, dramat, i ca 1 ly changed, In t.he early Sevent.1es, t.hls favonrah1e environment. Tn part. 1c u lar, the flrst. oil shock obllged, for t.he fi rat. t.lme, t.he different F.F.C count.rles to undertake rest.r1ct.1ve pollcles at t.he same t.lme; g1ven t.he Interdependence and t.he lack of coordlnat. łon, t.he rest.rict.1ve poi idea Independent, ly pursued hy each country were madę relat.1ve1y lneffect.1 ve hy t.he fact t.hat. t.he same pollcles were adopt.ed hy compet.lng partnera; t.hls hrought. to a rei nforcement. of the rest.r1ct.ive