9058009922

CHAPTF.R T V 72 8 6 2 30

Howftver,    1t. should be elear t.hat. t.he kind of appronnh to

Rxpansi ve polloies we have suggest.ed neoessarily presupposes a o e r t. a 1 n d a g r e e of International solldarit.y, oooperat. łon and ooor ri 1 na 1.1 on , as we have point.ed out slnoe t.he heglnnlng. Tn fant., 1t.    1 s qu1te ev1dent. t.hat no single country oan posslbly

bope to be really sueeessful In t.be implement.at. łon of t.he polloies ahove 1f t.here 1 s not • a reasonable degree of International oooperat łon. The adopt.ed expans1ve polloies oreat.e or worsen ext.ernal as we 11 as int.ernal 1mbalano.es 1f a oount.ry 1s left. alone to try to solve t.he probl eis of growt.h and une»p 1 oyment.. Moreover, t.he polloies we suggest. are not only expansive; most. of t. h e m are also su oh as to yield pos1t.1ve and 'ylslhle' effeot.s only.ln t.he medluni/long run, so t.hat 1t. won Id be even morę dlffloult. for a single oount.ry - namely for p o 1 11.1 o 1 a n s - t.o hear t.he 1nev1t.able Imhalanoes whloh, on t.he eont.rary, won ld manifest. themselves rat.her qu1ok1y.

Thus, 1t 1s not. reasonahle t.o expeot. t.hat. any single oount.ry will be wllling t.o t.ake an expansive pat.h 1 f 1t. does not expeot. t. hat. ot. ber eonntri es will fol Iow t.he same sort. of st.rat.egies. On t.he ot.her hand, even t.hough - for any reason -a single oount.ry deolded to t.ake an expans1ve att.ltude and st.Rrt.ftd t.hese polloies, it. seems very likely t.hat. t.he arising of serio u s imhalanoes will lead, sooner or lat. er, t. o thelr di scal ssał. Thls would Iraply all t.he negat. 1ve oonsequenoes t.hat. we already oonsidered; In part łon lar, t.he t.enahllit.y and oredlbllit.y of futurę expansive polloies would he serlously prejndleed.

What. 1 r needed, t.hen, 1s some form of agreement. among oount.ries t.o g1ve rise t.o a oo-ordlnat.e set. of expans1ve polloies along t.he 1 1 nes deploted ahove. And ooordlnat.ion requ1res solidarit.y In t.hat. 1t. means t.hat. some oount.ries have t.o g1ve up some of thelr priv11eges t.o help ot.her weaker oount.ries overnome thelr dlffloult. i es . Solldarit.y is a morał as well as an eoonomio pos1t.1ve prlnolple, so t.hat. oount.ries should be able t.o peroe1ve t.he futurę advant.ages of hełng less selflsh t.oday In ex o hangę for futurę benefits.

However,    at. t.his st.age, t.o    rei y    only on t.he foroe of    morał

values does    not. seem enough.    There 1s muoh    evidenoe    t.hat.

oount.ries are not. ourrent.ly behav1ng 1n a sat.1sfaot.ory way froi t.his point, of v1ew. Thus, some forms of oont.rol and guarant.ee should be 1 n t.roduoed:    t.he oount.ries whloh aooept. t.o

Implement. expans1ve measures should also aooept t.hat. some automat. 1o forms of oont.rol are In t.roduoed i n order t.o en surę t.he perslst.enoe and oonslst.enoe of t.he st.rat.egy adopt.ed.

A posslble soenario mlght be t.he followlng. F.uropean nount.rles agree on 1 np 1 emen 1.1 ng s 1 mu 1 tan eous expans1ve polloies. They are inltlally suooessful: Inoome and employment rise, but. 1n some oount.ries t.he rise In Inoome and employment. 1s assooiet.ed t.o Inoreaslng ext.ernal Imhalanoes (halanoe of payments deflolt.s) to t.he beneflt. of some ot.her oount.ries wlt.hln t.he-    group. The lat.t.er    are    export.1ng    morę and    morę

t.owards t.he    former. The way t.o    oope    w1th suoh    a s1t.uat.1on may